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.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Needham & Company LLC reaffirmed a buy rating and issued a $42.00 price target on shares of RingCentral in a report on Monday, May 20th. Deutsche Bank Aktiengesellschaft increased their price objective on RingCentral from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, May 9th. Morgan Stanley lowered their price objective on RingCentral from $35.00 to $32.00 and set an equal weight rating on the stock in a research report on Wednesday, April 17th. Wells Fargo & Company increased their price objective on RingCentral from $28.00 to $35.00 and gave the stock an equal weight rating in a research report on Friday. Finally, Mizuho raised their price target on RingCentral from $36.00 to $38.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Nine research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $40.28.

RingCentral Price Performance

Shares of RNG stock traded up $1.81 during trading hours on Friday, hitting $35.26. 3,145,964 shares of the company’s stock traded hands, compared to its average volume of 1,131,608. RingCentral has a 12-month low of $25.08 and a 12-month high of $39.86. The stock’s fifty day simple moving average is $31.30 and its two-hundred day simple moving average is $32.66.

RingCentral (NYSE:RNG) last issued its earnings results on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating the consensus estimate of $0.01 by $0.05. The business had revenue of $584.21 million for the quarter, compared to analysts’ expectations of $577.81 million. Equities research analysts forecast that RingCentral will post 0.54 EPS for the current fiscal year.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the transaction, the chief financial officer now directly owns 156,799 shares in the company, valued at approximately $4,421,731.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other RingCentral news, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares of the company’s stock, valued at $13,553,827.15. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Vaibhav Agarwal sold 1,985 shares of RingCentral stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.20, for a total value of $55,977.00. Following the completion of the sale, the chief financial officer now directly owns 156,799 shares in the company, valued at $4,421,731.80. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock worth $762,165 in 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.