RingCentral (NYSE:RNG – Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.59-$3.67 for the period, compared to the consensus earnings per share estimate of $3.55. The company issued revenue guidance of $2.379-$2.399 billion, compared to the consensus revenue estimate of $2.38 billion. RingCentral also updated its Q2 guidance to $0.87-$0.88 EPS.
RingCentral Stock Performance
Shares of NYSE:RNG traded down $0.36 during midday trading on Friday, reaching $35.10. 204,544 shares of the company’s stock traded hands, compared to its average volume of 1,134,133. The company has a market cap of $3.24 billion, a P/E ratio of -20.26, a PEG ratio of 3.24 and a beta of 0.94. RingCentral has a 1 year low of $25.08 and a 1 year high of $43.28. The company has a fifty day simple moving average of $32.87 and a two-hundred day simple moving average of $31.94.
RingCentral (NYSE:RNG – Get Free Report) last released its earnings results on Tuesday, February 20th. The software maker reported ($0.33) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.31). The business had revenue of $571.27 million for the quarter, compared to analyst estimates of $569.65 million. As a group, research analysts forecast that RingCentral will post 0.45 EPS for the current fiscal year.
Wall Street Analyst Weigh In
View Our Latest Stock Report on RNG
Insider Activity
In other news, Director Kenneth A. Goldman sold 1,287 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other RingCentral news, CFO Vaibhav Agarwal sold 14,113 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $34.84, for a total value of $491,696.92. Following the sale, the chief financial officer now owns 116,640 shares of the company’s stock, valued at approximately $4,063,737.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth A. Goldman sold 1,287 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $34.47, for a total transaction of $44,362.89. Following the transaction, the director now owns 23,688 shares of the company’s stock, valued at approximately $816,525.36. The disclosure for this sale can be found here. Insiders sold a total of 23,608 shares of company stock worth $800,974 in the last three months. 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.
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