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 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.

RingCentral Trading Up 2.7 %

Shares of RNG traded up $0.93 during mid-day trading on Thursday, reaching $35.31. The company had a trading volume of 736,459 shares, compared to its average volume of 1,137,599. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of -20.17, a price-to-earnings-growth ratio of 3.24 and a beta of 0.94. The firm has a fifty day simple moving average of $32.83 and a 200-day simple moving average of $31.92. RingCentral has a fifty-two week low of $25.08 and a fifty-two week high of $43.28.

RingCentral (NYSE:RNG) last posted its earnings results 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 company had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. As a group, equities analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Morgan Stanley dropped their price target on shares of RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research note on Wednesday, April 17th. Wells Fargo & Company boosted their target price on shares of RingCentral from $31.00 to $33.00 and gave the stock an equal weight rating in a research report on Wednesday. Needham & Company LLC reissued a buy rating and issued a $42.00 target price on shares of RingCentral in a research report on Wednesday. Rosenblatt Securities reissued a neutral rating and issued a $35.00 target price on shares of RingCentral in a research report on Wednesday, May 1st. Finally, The Goldman Sachs Group dropped their target price 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. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $39.58.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 14,113 shares of the stock in a transaction dated 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 of the company’s stock, valued at $4,063,737.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kenneth A. Goldman sold 1,287 shares of the firm’s 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 completion of the sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Agarwal sold 14,113 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $34.84, for a total transaction of $491,696.92. Following the sale, the chief financial officer now directly 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. Insiders sold 23,608 shares of company stock valued at $800,974 over the last quarter. 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.