RingCentral (NYSE:RNG) Issues Q2 Earnings Guidance

RingCentral (NYSE:RNG) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.87-$0.88 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Mizuho cut their target price on RingCentral from $40.00 to $36.00 and set a buy rating on the stock in a research report on Wednesday, February 21st. Piper Sandler dropped their target price on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st. The Goldman Sachs Group reduced their price target on shares of RingCentral from $38.00 to $34.00 and set a neutral rating for the company in a research report on Wednesday, February 21st. Morgan Stanley lowered their price objective on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Finally, Needham & Company LLC reduced their target price on RingCentral from $46.00 to $42.00 and set a buy rating for the company in a report on Wednesday, February 21st. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $38.56.

RingCentral Stock Down 1.0 %

RingCentral stock traded down $0.31 during mid-day trading on Tuesday, reaching $30.00. The company had a trading volume of 984,684 shares, compared to its average volume of 1,118,446. The company has a 50 day moving average of $32.85 and a 200-day moving average of $31.88. RingCentral has a 52 week low of $25.08 and a 52 week high of $43.28. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -17.14, a PEG ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last announced its quarterly earnings data 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 the consensus estimate of $569.65 million. On average, analysts predict that RingCentral will post 0.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 14,113 shares of RingCentral stock in a transaction that occurred on 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 owns 116,640 shares in the company, valued at $4,063,737.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the transaction, the chief financial officer now directly owns 116,640 shares of the company’s stock, valued at $4,063,737.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $34.47, for a total value of $44,362.89. Following the completion of the transaction, the director now directly owns 23,688 shares in the company, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold 23,608 shares of company stock worth $800,974 in the last 90 days. 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.