RingCentral (NYSE:RNG) Issues Q4 2024 Earnings Guidance

RingCentral (NYSE:RNG) issued an update on its fourth quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.960-0.970 for the period, compared to the consensus EPS estimate of 0.950. The company issued revenue guidance of $611.0 million-$613.0 million, compared to the consensus revenue estimate of $616.0 million. RingCentral also updated its FY 2024 guidance to 3.690-3.690 EPS.

RingCentral Price Performance

NYSE RNG traded up $1.29 during trading hours on Thursday, hitting $38.79. The company’s stock had a trading volume of 1,827,494 shares, compared to its average volume of 1,212,343. RingCentral has a 12 month low of $26.23 and a 12 month high of $38.91. The company’s 50 day simple moving average is $31.94 and its two-hundred day simple moving average is $32.13. The company has a market cap of $3.56 billion, a P/E ratio of -26.62, a price-to-earnings-growth ratio of 2.82 and a beta of 0.99.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RNG shares. Wedbush upgraded RingCentral to a “hold” rating in a report on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and set a $42.00 price target on shares of RingCentral in a research note on Monday, August 5th. StockNews.com downgraded RingCentral from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 19th. Piper Sandler cut their price target on RingCentral from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Rosenblatt Securities restated a “buy” rating and set a $45.00 price target on shares of RingCentral in a research note on Friday, November 1st. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.07.

Insider Buying and Selling

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the completion of the transaction, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Vladimir Shmunis sold 62,244 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $32.51, for a total value of $2,023,552.44. Following the sale, the chief executive officer now directly owns 573,725 shares in the company, valued at $18,651,799.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now owns 135,560 shares in the company, valued at $4,256,584. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,824 shares of company stock worth $3,386,396. 6.76% of the stock is owned by 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.