RingCentral (NYSE:RNG) Issues FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 3.620-3.670 for the period, compared to the consensus EPS estimate of 3.630. 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 Q3 guidance to $0.92 to $0.93 EPS.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their target price on RingCentral from $38.00 to $42.00 and gave the company a buy rating in a report on Thursday, May 9th. UBS Group boosted their target price on RingCentral from $37.00 to $40.00 and gave the company a neutral rating in a report on Wednesday, May 8th. Piper Sandler dropped their target price on RingCentral from $32.00 to $31.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. Needham & Company LLC reaffirmed a buy rating and set a $42.00 price objective on shares of RingCentral in a report on Monday, May 20th. Finally, Wells Fargo & Company upped their price objective on RingCentral from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Friday. Nine 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. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $40.28.

RingCentral Trading Up 5.4 %

NYSE:RNG traded up $1.81 during trading hours on Friday, reaching $35.26. 3,145,964 shares of the stock were exchanged, compared to its average volume of 1,131,608. The firm has a 50 day simple moving average of $31.30 and a 200-day simple moving average of $32.66. RingCentral has a 52 week low of $25.08 and a 52 week high of $39.86.

RingCentral (NYSE:RNG) last released its earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $584.21 million for the quarter, compared to the consensus estimate of $577.81 million. On average, analysts predict that RingCentral will post 0.54 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’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 sale, the chief financial officer now owns 158,784 shares of the company’s stock, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’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 sale, the chief financial officer now directly owns 158,784 shares in the company, valued at approximately $5,717,811.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the sale, the chief financial officer now owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock valued at $762,165 in the last quarter. Insiders own 6.76% of the company’s stock.

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.