RingCentral (NYSE:RNG – Get Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.92 to $0.93 for the period, compared to the consensus estimate of $0.91. The company issued revenue guidance of $600.5 million to $603.5 million, compared to the consensus revenue estimate of $601.17 million. RingCentral also updated its FY 2024 guidance to 3.620-3.670 EPS.
RingCentral Stock Performance
Shares of NYSE:RNG traded up $1.81 during trading hours on Friday, reaching $35.26. The stock had a trading volume of 3,145,964 shares, compared to its average volume of 1,131,608. RingCentral has a 1 year low of $25.08 and a 1 year high of $39.86. The firm’s 50 day moving average is $31.30 and its 200-day moving average is $32.66. The stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -23.66, a P/E/G ratio of 2.87 and a beta of 1.03.
RingCentral (NYSE:RNG – Get Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The software maker reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $584.21 million during the quarter, compared to analysts’ expectations of $577.81 million. Analysts forecast that RingCentral will post 0.54 EPS for the current year.
Wall Street Analysts Forecast Growth
Read Our Latest Research Report on RNG
Insider Activity
In related news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Vaibhav Agarwal sold 11,406 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $36.01, for a total transaction of $410,730.06. Following the sale, the chief financial officer now owns 158,784 shares of the company’s stock, valued at $5,717,811.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sonalee Elizabeth Parekh sold 8,478 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $34.85, for a total transaction of $295,458.30. Following the sale, the chief financial officer now directly owns 388,919 shares in the company, valued at approximately $13,553,827.15. The disclosure for this sale can be found here. Insiders have sold a total of 21,869 shares of company stock valued at $762,165 over the last quarter. Corporate insiders own 6.76% of the company’s stock.
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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