RingCentral (NYSE:RNG) Updates Q3 Earnings Guidance

RingCentral (NYSE:RNG) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $0.92 to $0.93 for the period, compared to the consensus EPS estimate of $0.91. The company issued revenue guidance of $600.5 million to $603.5 million, compared to the consensus revenue estimate of $601.17 million. RingCentral also updated its FY 2024 guidance to 3.620-3.670 EPS.

Wall Street Analyst Weigh In

A number of analysts have recently commented on RNG shares. Rosenblatt Securities raised shares of RingCentral from a neutral rating to a buy rating and boosted their price objective for the stock from $35.00 to $45.00 in a research note on Friday. 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 research report on Thursday, May 9th. StockNews.com lowered shares of RingCentral from a strong-buy rating to a buy rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC reiterated a buy rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, May 20th. Nine equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $40.28.

RingCentral Price Performance

RNG traded up $1.81 on Friday, hitting $35.26. The company had a trading volume of 3,145,964 shares, compared to its average volume of 1,131,608. RingCentral has a 52-week low of $25.08 and a 52-week high of $39.86. The firm has a market capitalization of $3.25 billion, a P/E ratio of -23.66, a P/E/G ratio of 2.87 and a beta of 1.03. The stock has a fifty day simple moving average of $31.30 and a 200-day simple moving average of $32.66.

RingCentral (NYSE:RNG) last issued its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping the consensus estimate of $0.01 by $0.05. The firm had revenue of $584.21 million during the quarter, compared to the consensus estimate of $577.81 million. Equities research analysts expect that RingCentral will post 0.54 earnings per share for the current fiscal year.

Insider Transactions at RingCentral

In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the transaction, the chief financial officer now owns 388,919 shares in the company, valued at $13,553,827.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total transaction of $295,458.30. Following the completion of the transaction, the chief financial officer now owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the sale, the chief financial officer now owns 156,799 shares in the company, valued at approximately $4,421,731.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,869 shares of company stock worth $762,165. 6.76% of the stock is currently owned by company 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.