RingCentral (NYSE:RNG) Issues FY 2024 Earnings Guidance

RingCentral (NYSE:RNG) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 3.690-3.690 for the period, compared to the consensus EPS estimate of 3.660. 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 Q4 guidance to $0.96-$0.97 EPS.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RNG shares. Piper Sandler decreased their price target on shares of RingCentral from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Northland Securities raised their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft raised their price target on shares of RingCentral from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, August 6th. Wedbush upgraded shares of RingCentral to a “hold” rating in a research report on Thursday, October 17th. Finally, StockNews.com lowered shares of RingCentral from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 19th. Eight investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, RingCentral has a consensus rating of “Moderate Buy” and an average target price of $40.07.

RingCentral Trading Up 3.4 %

Shares of NYSE:RNG traded up $1.29 during trading on Thursday, hitting $38.79. 1,827,494 shares of the company’s stock were exchanged, compared to its average volume of 1,212,343. RingCentral has a 1-year low of $26.23 and a 1-year high of $38.91. The firm has a 50-day moving average price of $31.94 and a two-hundred day moving average price of $32.13. The firm has a market cap of $3.56 billion, a P/E ratio of -26.62, a PEG ratio of 2.82 and a beta of 0.99.

Insider Transactions at RingCentral

In related news, CAO John H. Marlow sold 19,498 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total transaction of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at approximately $12,732,945.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO John H. Marlow sold 19,498 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.52, for a total value of $634,074.96. Following the completion of the transaction, the chief accounting officer now owns 391,542 shares in the company, valued at $12,732,945.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Vaibhav Agarwal sold 10,184 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $32.88, for a total transaction of $334,849.92. Following the completion of the transaction, the chief financial officer now owns 137,545 shares of the company’s stock, valued at $4,522,479.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,824 shares of company stock worth $3,386,396 in the last quarter. 6.76% of the stock is 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.