RingCentral (NYSE:RNG) Updates Q3 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.920-0.930 for the period, compared to the consensus estimate of 0.910. The company issued revenue guidance of $600.5 million-$603.5 million, compared to the consensus revenue estimate of $601.1 million. RingCentral also updated its FY 2024 guidance to 3.620-3.670 EPS.

RingCentral Stock Up 5.4 %

Shares of RNG stock traded up $1.81 during midday trading on Friday, reaching $35.26. 3,145,964 shares of the stock were exchanged, compared to its average volume of 1,131,608. RingCentral has a 1 year low of $25.08 and a 1 year high of $39.86. The company’s 50 day moving average is $31.30 and its two-hundred day moving average is $32.66.

RingCentral (NYSE:RNG) last announced its earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to the consensus estimate of $577.81 million. As a group, analysts forecast that RingCentral will post 0.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Piper Sandler cut their price target on RingCentral from $32.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, July 10th. Morgan Stanley dropped their price target on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Northland Securities lifted their target price on shares of RingCentral from $43.00 to $50.00 and gave the stock an outperform rating in a report on Friday. Rosenblatt Securities upgraded shares of RingCentral from a neutral rating to a buy rating and upped their target price for the stock from $35.00 to $45.00 in a research note on Friday. Finally, Needham & Company LLC reissued a buy rating and set a $42.00 price target on shares of RingCentral in a research report on Monday, May 20th. Nine equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $40.28.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the sale, the chief financial officer now directly owns 158,784 shares in the company, valued at $5,717,811.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other RingCentral news, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,869 shares of company stock valued at $762,165. 6.76% of the stock is owned by corporate insiders.

RingCentral Company Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.