RingCentral (NYSE:RNG) Updates Q4 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.960-0.970 for the period, compared to the consensus earnings per share estimate of 0.950. The company issued revenue guidance of $611.0 million-$613.0 million, compared to the consensus revenue estimate of $616.0 million. RingCentral also updated its FY 2024 guidance to 3.690-3.690 EPS.

RingCentral Trading Up 3.4 %

Shares of NYSE RNG traded up $1.29 during trading hours on Thursday, hitting $38.79. 1,827,494 shares of the company traded hands, compared to its average volume of 1,212,343. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of -26.62, a price-to-earnings-growth ratio of 2.82 and a beta of 0.99. The company’s 50 day moving average price is $31.94 and its 200 day moving average price is $32.13. RingCentral has a 12 month low of $26.23 and a 12 month high of $38.91.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RNG shares. Piper Sandler dropped their price objective on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. StockNews.com cut RingCentral from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 19th. Robert W. Baird upped their target price on RingCentral from $35.00 to $36.00 and gave the stock a “neutral” rating in a report on Monday, August 5th. Wells Fargo & Company upped their target price on RingCentral from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, RingCentral presently has a consensus rating of “Moderate Buy” and an average price target of $40.07.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at $4,256,584. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO John H. Marlow sold 19,498 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now directly owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,824 shares of company stock valued at $3,386,396 in the last ninety days. Corporate 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.