RingCentral (NYSE:RNG) Updates FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.590-3.670 for the period, compared to the consensus estimate of 3.550. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. RingCentral also updated its Q2 2024 guidance to 0.870-0.880 EPS.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group lifted their price objective on RingCentral from $37.00 to $40.00 and gave the stock a neutral rating in a research note on Wednesday. Wedbush restated a neutral rating and set a $40.00 price target on shares of RingCentral in a research note on Thursday. Mizuho increased their price objective on RingCentral from $36.00 to $38.00 and gave the stock a buy rating in a research note on Wednesday. Robert W. Baird increased their target price on shares of RingCentral from $32.00 to $35.00 and gave the company a neutral rating in a report on Thursday. Finally, Morgan Stanley dropped their price target on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a report on Wednesday, April 17th. Ten equities research analysts have rated the stock with a hold rating, nine 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 a consensus rating of Moderate Buy and a consensus target price of $39.58.

RingCentral Stock Performance

RNG stock traded up $1.07 during trading on Thursday, hitting $35.46. 1,331,706 shares of the company traded hands, compared to its average volume of 1,144,865. The company has a 50-day moving average of $32.83 and a 200-day moving average of $31.92. The firm has a market capitalization of $3.27 billion, a PE ratio of -20.17, a P/E/G ratio of 3.24 and a beta of 0.94. RingCentral has a 1 year low of $25.08 and a 1 year high of $43.28.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Tuesday, February 20th. The software maker reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. Sell-side analysts expect that RingCentral will post 0.45 EPS for the current year.

Insider Activity

In related news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the completion of the transaction, the chief financial officer now directly owns 116,640 shares in the company, valued at approximately $4,063,737.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the completion of the transaction, the chief financial officer now owns 116,640 shares in the company, valued at $4,063,737.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the sale, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 in the last quarter. 6.76% of the stock is owned by company insiders.

About RingCentral

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.