RingCentral (NYSE:RNG – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 3.620-3.670 for the period, compared to the consensus estimate of 3.630. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. RingCentral also updated its Q3 guidance to $0.92 to $0.93 EPS.
RingCentral Trading Up 5.4 %
Shares of NYSE:RNG traded up $1.81 during trading on Friday, hitting $35.26. The stock had a trading volume of 3,145,964 shares, compared to its average volume of 1,131,608. The stock has a 50-day simple moving average of $31.30 and a two-hundred day simple moving average of $32.66. RingCentral has a 12-month low of $25.08 and a 12-month high of $39.86.
RingCentral (NYSE:RNG – Get Free Report) last announced its quarterly 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 company had revenue of $584.21 million for the quarter, compared to analyst estimates of $577.81 million. Equities analysts predict that RingCentral will post 0.54 EPS for the current year.
Analysts Set New Price Targets
Read Our Latest Stock Report on RNG
Insider Transactions at RingCentral
In related news, CFO Vaibhav Agarwal sold 11,406 shares of the firm’s 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 transaction, the chief financial officer now owns 158,784 shares in the company, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related 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 transaction of $410,730.06. Following the completion of 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 sale was disclosed in a filing with the SEC, 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 dated Tuesday, May 28th. The shares were sold at an average price of $34.85, for a total value of $295,458.30. Following the completion of the transaction, the chief financial officer now directly owns 388,919 shares in the company, valued at $13,553,827.15. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,869 shares of company stock worth $762,165. 6.76% of the stock is currently 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.
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