RingCentral (NYSE:RNG) Updates Q2 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $0.87-$0.88 for the period, compared to the consensus EPS estimate of $0.85. The company issued revenue guidance of $584.5-$587.5 million, compared to the consensus revenue estimate of $585.78 million. RingCentral also updated its FY24 guidance to $3.59-$3.67 EPS.

Analysts Set New Price Targets

RNG has been the topic of a number of research reports. KeyCorp lowered their price target on RingCentral from $50.00 to $48.00 and set an overweight rating for the company in a research report on Wednesday, February 21st. Piper Sandler raised their price target on RingCentral from $31.00 to $32.00 and gave the stock a neutral rating in a report on Wednesday. Wedbush reaffirmed a neutral rating and set a $40.00 price objective on shares of RingCentral in a report on Friday, February 16th. Rosenblatt Securities reissued a neutral rating and set a $35.00 price objective on shares of RingCentral in a research note on Wednesday, May 1st. Finally, UBS Group boosted their price objective on shares of RingCentral from $37.00 to $40.00 and gave the company a neutral rating in a research report on Wednesday. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $39.28.

RingCentral Trading Up 14.6 %

RingCentral stock traded up $4.39 during midday trading on Wednesday, reaching $34.38. The stock had a trading volume of 3,263,867 shares, compared to its average volume of 1,142,775. The company has a fifty day moving average price of $32.80 and a two-hundred day moving average price of $31.90. 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. RingCentral has a 12 month low of $25.08 and a 12 month high of $43.28.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing the consensus estimate 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. On average, equities research analysts predict that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at RingCentral

In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at $816,525.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total transaction of $44,362.89. Following the sale, the director now owns 23,688 shares in the company, valued at $816,525.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,608 shares of company stock worth $800,974. 6.76% of the stock is currently owned by 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.