RingCentral (NYSE:RNG) Updates Q3 2022 Earnings Guidance

RingCentral (NYSE:RNGGet Rating) updated its third quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.50-$0.51 for the period, compared to the consensus earnings per share estimate of $0.48. The company issued revenue guidance of $500.00 million-$504.00 million, compared to the consensus revenue estimate of $509.46 million. RingCentral also updated its FY 2022 guidance to $1.91-$1.95 EPS.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft dropped their price objective on RingCentral from $110.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday. Robert W. Baird cut RingCentral from an outperform rating to a neutral rating and dropped their price objective for the company from $95.00 to $80.00 in a research report on Monday, May 16th. Oppenheimer raised RingCentral from a market perform rating to an outperform rating and set a $100.00 price objective on the stock in a research report on Tuesday, May 10th. Needham & Company LLC cut RingCentral from a buy rating to a hold rating in a research report on Wednesday, July 6th. Finally, MKM Partners assumed coverage on RingCentral in a research report on Thursday. They set a buy rating and a $80.00 price objective on the stock. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $140.73.

RingCentral Stock Performance

Shares of NYSE RNG traded down $1.25 during trading on Friday, hitting $47.75. The company had a trading volume of 3,888,354 shares, compared to its average volume of 1,635,672. The stock has a 50 day simple moving average of $55.05 and a 200 day simple moving average of $95.31. The company has a debt-to-equity ratio of 33.52, a quick ratio of 1.25 and a current ratio of 1.25. RingCentral has a 12 month low of $47.28 and a 12 month high of $315.00. The firm has a market capitalization of $4.40 billion, a P/E ratio of -7.76 and a beta of 0.94.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings data on Monday, May 9th. The software maker reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.09). RingCentral had a negative return on equity of 160.19% and a negative net margin of 31.67%. The company had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. During the same period last year, the business earned ($0.41) EPS. The firm’s quarterly revenue was up 32.7% compared to the same quarter last year. As a group, analysts anticipate that RingCentral will post -1.66 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, COO Mohammed Katibeh sold 1,846 shares of the firm’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total value of $124,789.60. Following the transaction, the chief operating officer now owns 110,098 shares of the company’s stock, valued at $7,442,624.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Mohammed Katibeh sold 1,846 shares of the stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.60, for a total transaction of $124,789.60. Following the completion of the sale, the chief operating officer now owns 110,098 shares in the company, valued at $7,442,624.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Agarwal sold 10,443 shares of the stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $67.59, for a total value of $705,842.37. Following the sale, the chief financial officer now owns 85,357 shares of the company’s stock, valued at approximately $5,769,279.63. The disclosure for this sale can be found here. Insiders have sold 44,029 shares of company stock valued at $2,841,132 over the last quarter. 7.35% of the stock is currently owned by company insiders.

Institutional Trading of RingCentral

Several institutional investors have recently made changes to their positions in the business. Capital Group International Inc. CA increased its stake in RingCentral by 38.5% in the 1st quarter. Capital Group International Inc. CA now owns 11,082 shares of the software maker’s stock worth $1,299,000 after acquiring an additional 3,080 shares during the last quarter. Walleye Capital LLC grew its holdings in shares of RingCentral by 1.2% in the first quarter. Walleye Capital LLC now owns 61,232 shares of the software maker’s stock valued at $7,177,000 after purchasing an additional 753 shares in the last quarter. Wealthfront Advisers LLC bought a new stake in RingCentral in the first quarter worth $426,000. Virtu Financial LLC raised its stake in RingCentral by 276.9% during the first quarter. Virtu Financial LLC now owns 14,069 shares of the software maker’s stock valued at $1,649,000 after purchasing an additional 10,336 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in RingCentral by 51.5% during the first quarter. Advisors Asset Management Inc. now owns 886 shares of the software maker’s stock valued at $104,000 after purchasing an additional 301 shares in the last quarter. Hedge funds and other institutional investors own 85.96% of the company’s stock.

RingCentral Company Profile

(Get Rating)

RingCentral, Inc provides software-as-a-service solutions that enable businesses to communicate, collaborate, and connect in North America. The company offers business cloud communications and contact center solutions based on its Message Video Phone? platform. Its products include RingCentral Office that provides communication and collaboration across various modes, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers omni-channel; and RingCentral Engage Digital, a digital customer engagement platform that allows enterprises to interact with their customers.

See Also

Earnings History and Estimates for RingCentral (NYSE:RNG)

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