RingCentral (NYSE:RNG) Releases Q2 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.870-0.880 for the period, compared to the consensus earnings per share estimate of 0.850. The company issued revenue guidance of $584.5 million-$587.5 million, compared to the consensus revenue estimate of $585.5 million. RingCentral also updated its FY 2024 guidance to 3.590-3.670 EPS.

RingCentral Stock Performance

Shares of RNG stock opened at $30.00 on Wednesday. The firm’s 50 day moving average price is $32.80 and its 200-day moving average price is $31.90. RingCentral has a one year low of $25.08 and a one year high of $43.28. The firm has a market cap of $2.77 billion, a P/E ratio of -17.14, a P/E/G ratio of 3.24 and a beta of 0.94.

RingCentral (NYSE:RNG) last released its quarterly earnings data on Tuesday, February 20th. The software maker reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.31). The firm had revenue of $571.27 million during the quarter, compared to analyst estimates of $569.65 million. As a group, research analysts predict that RingCentral will post 0.45 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Morgan Stanley cut their price target on RingCentral from $35.00 to $32.00 and set an equal weight rating for the company in a research note on Wednesday, April 17th. Wells Fargo & Company reduced their target price on shares of RingCentral from $36.00 to $31.00 and set an equal weight rating for the company in a research note on Wednesday, February 21st. Piper Sandler dropped their price target on shares of RingCentral from $34.00 to $31.00 and set a neutral rating on the stock in a research note on Wednesday, February 21st. KeyCorp lowered their price objective on RingCentral from $50.00 to $48.00 and set an overweight rating on the stock in a report on Wednesday, February 21st. Finally, Mizuho reduced their price target on RingCentral from $40.00 to $36.00 and set a buy rating for the company in a report on Wednesday, February 21st. 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 MarketBeat, RingCentral currently has a consensus rating of Moderate Buy and an average price target of $38.56.

Insider Activity at RingCentral

In other RingCentral news, Director Kenneth A. Goldman sold 1,287 shares of RingCentral stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RingCentral 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 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 document filed with the SEC, which is available at this link. 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 sale, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders have sold a total of 23,608 shares of company stock worth $800,974 in the last ninety days. 6.76% of the stock is owned by 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.