RingCentral (RNG) Scheduled to Post Quarterly Earnings on Thursday

RingCentral (NYSE:RNG) will issue its quarterly earnings data after the market closes on Thursday, August 1st. Analysts expect the company to announce earnings of $0.88 per share for the quarter. RingCentral has set its Q2 guidance at $0.87-$0.88 EPS and its FY24 guidance at $3.59-$3.67 EPS.Persons that wish to register for the company’s earnings conference call can do so using this link.

RingCentral (NYSE:RNG) last posted its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate 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 expect RingCentral to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

RingCentral Stock Down 0.4 %

RNG stock opened at $34.53 on Wednesday. The company’s 50-day moving average price is $31.31 and its two-hundred day moving average price is $32.62. The firm has a market cap of $3.18 billion, a P/E ratio of -23.17, a P/E/G ratio of 2.99 and a beta of 1.03. RingCentral has a 12 month low of $25.08 and a 12 month high of $41.76.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. UBS Group boosted their price objective on shares of RingCentral from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Mizuho boosted their price target on RingCentral from $36.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Morgan Stanley reduced their price objective on 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 lowered their target price on RingCentral from $33.00 to $28.00 and set an “equal weight” rating for the company in a research note on Friday, June 21st. Finally, Robert W. Baird raised their price target on shares of RingCentral from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Ten investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, RingCentral presently has an average rating of “Moderate Buy” and a consensus target price of $38.94.

Insider Activity at RingCentral

In other news, CFO Vaibhav Agarwal sold 11,406 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were 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 of the company’s stock, valued at approximately $5,717,811.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total value of $410,730.06. Following the transaction, the chief financial officer now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total value of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold 21,869 shares of company stock worth $762,165 over the last ninety days. 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.