RingCentral (NYSE:RNG) Releases Q4 Earnings Guidance

RingCentral (NYSE:RNG) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $0.96-$0.97 for the period, compared to the consensus estimate of $0.95. The company issued revenue guidance of $611-$613 million, compared to the consensus revenue estimate of $615.92 million.

RingCentral Trading Up 3.5 %

RingCentral stock traded up $1.30 during midday trading on Thursday, hitting $38.80. 1,812,690 shares of the stock were exchanged, compared to its average volume of 1,212,279. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of -26.62, a PEG ratio of 2.82 and a beta of 0.99. The stock’s 50-day simple moving average is $31.94 and its 200 day simple moving average is $32.13. RingCentral has a fifty-two week low of $26.23 and a fifty-two week high of $38.91.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RNG shares. Wells Fargo & Company lifted their target price on RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $42.00 target price on shares of RingCentral in a research note on Monday, August 5th. Northland Securities boosted their price target on shares of RingCentral from $43.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Deutsche Bank Aktiengesellschaft increased their price objective 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. Finally, Robert W. Baird boosted their target price on RingCentral from $35.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. Eight 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 company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $40.07.

Insider Buying and Selling at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 1,985 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $31.40, for a total transaction of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares in the company, valued at approximately $4,256,584. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Sonalee Elizabeth Parekh sold 9,913 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $33.45, for a total transaction of $331,589.85. Following the transaction, the chief financial officer now directly owns 358,622 shares in the company, valued at approximately $11,995,905.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 transaction, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,824 shares of company stock valued at $3,386,396. 6.76% of the stock is owned by company insiders.

RingCentral Company Profile

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.