RingCentral (NYSE:RNG) Updates Q3 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.920-0.930 for the period, compared to the consensus earnings per share estimate of 0.910. The company issued revenue guidance of $600.5 million-$603.5 million, compared to the consensus revenue estimate of $601.1 million. RingCentral also updated its FY 2024 guidance to 3.620-3.670 EPS.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Piper Sandler decreased their price target on shares of RingCentral from $32.00 to $31.00 and set a neutral rating for the company in a research report on Wednesday, July 10th. Wedbush reaffirmed a neutral rating and issued a $40.00 price objective on shares of RingCentral in a research note on Thursday, May 9th. Needham & Company LLC reaffirmed a buy rating and issued a $42.00 price objective on shares of RingCentral in a research note on Monday, May 20th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of RingCentral from $38.00 to $42.00 and gave the company a buy rating in a research note on Thursday, May 9th. Finally, Rosenblatt Securities raised shares of RingCentral from a neutral rating to a buy rating and upped their price objective for the company from $35.00 to $45.00 in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RingCentral presently has an average rating of Moderate Buy and an average target price of $40.28.

RingCentral Price Performance

Shares of RNG stock traded up $1.81 during trading hours on Friday, reaching $35.26. 3,145,964 shares of the company’s stock were exchanged, compared to its average volume of 1,131,608. The stock’s fifty day moving average price is $31.30 and its two-hundred day moving average price is $32.66. RingCentral has a 1 year low of $25.08 and a 1 year high of $39.86.

RingCentral (NYSE:RNG) last announced its earnings results 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 business had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. As a group, equities analysts forecast that RingCentral will post 0.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $36.01, for a total transaction of $410,730.06. Following the completion of the transaction, the chief financial officer now directly owns 158,784 shares in the company, valued at approximately $5,717,811.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of RingCentral 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 transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 11,406 shares of RingCentral stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The disclosure for this sale can be found here. Insiders sold 21,869 shares of company stock valued at $762,165 in the last three months. 6.76% of the stock is currently 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.