RingCentral (NYSE:RNG) Releases Q2 2022 Earnings Guidance

RingCentral (NYSE:RNGGet Rating) updated its second quarter 2022 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.40-$0.41 for the period, compared to the consensus estimate of $0.38. The company issued revenue guidance of $475.50 million-$479.50 million, compared to the consensus revenue estimate of $477.19 million.RingCentral also updated its FY 2022 guidance to $1.83-$1.87 EPS.

A number of equities research analysts recently weighed in on the company. Morgan Stanley lowered their price target on RingCentral from $220.00 to $165.00 and set an equal weight rating on the stock in a report on Tuesday, February 22nd. Raymond James lowered their target price on RingCentral from $300.00 to $135.00 in a report on Tuesday. Piper Sandler lowered their target price on RingCentral from $228.00 to $118.00 in a report on Tuesday. Truist Financial lowered their target price on RingCentral from $450.00 to $295.00 and set a buy rating on the stock in a report on Wednesday, February 23rd. Finally, Oppenheimer raised RingCentral from a market perform rating to an outperform rating and set a $100.00 price target on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, RingCentral has a consensus rating of Buy and an average price target of $192.68.

Shares of RNG traded down $0.20 during trading hours on Tuesday, hitting $68.46. The stock had a trading volume of 155,149 shares, compared to its average volume of 1,259,416. The company has a debt-to-equity ratio of 4.13, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market cap of $6.31 billion, a P/E ratio of -17.06 and a beta of 0.93. The company’s fifty day simple moving average is $107.03 and its 200 day simple moving average is $163.13. RingCentral has a 12-month low of $68.38 and a 12-month high of $315.00.

RingCentral (NYSE:RNGGet Rating) last issued its earnings results on Tuesday, February 22nd. The software maker reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.05. The business had revenue of $448.00 million for the quarter, compared to analyst estimates of $434.83 million. RingCentral had a negative return on equity of 126.80% and a negative net margin of 23.59%. The business’s quarterly revenue was up 33.9% on a year-over-year basis. During the same period last year, the company posted ($0.16) EPS. As a group, sell-side analysts predict that RingCentral will post -1.99 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in RNG. Mackenzie Financial Corp increased its holdings in RingCentral by 32.5% in the 4th quarter. Mackenzie Financial Corp now owns 10,989 shares of the software maker’s stock valued at $2,059,000 after purchasing an additional 2,693 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in RingCentral in the 4th quarter valued at $110,000. Amalgamated Bank increased its holdings in RingCentral by 54.8% in the 4th quarter. Amalgamated Bank now owns 7,216 shares of the software maker’s stock valued at $1,352,000 after purchasing an additional 2,554 shares in the last quarter. Penserra Capital Management LLC increased its holdings in RingCentral by 26.0% in the 4th quarter. Penserra Capital Management LLC now owns 359 shares of the software maker’s stock valued at $67,000 after purchasing an additional 74 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in RingCentral by 5.3% in the 4th quarter. Parametric Portfolio Associates LLC now owns 129,721 shares of the software maker’s stock valued at $24,303,000 after purchasing an additional 6,574 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.

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Earnings History and Estimates for RingCentral (NYSE:RNG)

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