RingCentral (NYSE:RNG) Issues FY24 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $3.59-$3.67 for the period, compared to the consensus estimate of $3.55. The company issued revenue guidance of $2.379-$2.399 billion, compared to the consensus revenue estimate of $2.38 billion. RingCentral also updated its Q2 guidance to $0.87-$0.88 EPS.

Analyst Ratings Changes

A number of brokerages have commented on RNG. Morgan Stanley reduced their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Wells Fargo & Company lifted their target price on shares of RingCentral from $31.00 to $33.00 and gave the company an equal weight rating in a research report on Wednesday. Rosenblatt Securities reaffirmed a neutral rating and issued a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Wedbush restated a neutral rating and issued a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $42.00 price target on shares of RingCentral in a report on Wednesday. Nine analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $39.28.

RingCentral Trading Up 14.6 %

NYSE RNG traded up $4.39 during trading on Wednesday, hitting $34.38. 3,263,867 shares of the company traded hands, compared to its average volume of 1,142,775. The company has a market capitalization of $3.17 billion, a P/E ratio of -19.57, a PEG ratio of 3.24 and a beta of 0.94. The business has a fifty day simple moving average of $32.80 and a 200 day simple moving average of $31.90. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG) last posted its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The firm had revenue of $571.27 million for the quarter, compared to the consensus estimate of $569.65 million. Equities research analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 6,224 shares of RingCentral stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now directly owns 130,753 shares of the company’s stock, valued at $4,125,257.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Vaibhav Agarwal sold 6,224 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $31.55, for a total value of $196,367.20. Following the transaction, the chief financial officer now owns 130,753 shares in the company, valued at $4,125,257.15. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last quarter. Corporate insiders own 6.76% of the company’s stock.

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.