RingCentral (NYSE:RNG) Updates FY22 Earnings Guidance

RingCentral (NYSE:RNG – Get Rating) updated its FY22 earnings guidance on Monday. The company provided earnings per share guidance of $1.83-1.87 for the period, compared to the consensus earnings per share estimate of $1.71. The company issued revenue guidance of $1.990-2.015 billion, compared to the consensus revenue estimate of $2.02 billion.RingCentral also updated its FY 2022 guidance to $1.83-$1.87 EPS.

Shares of RingCentral stock traded down $0.20 on Tuesday, reaching $68.46. The company had a trading volume of 155,149 shares, compared to its average volume of 1,259,416. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of -17.06 and a beta of 0.93. The company has a debt-to-equity ratio of 4.13, a current ratio of 1.24 and a quick ratio of 1.24. The firm’s 50-day moving average price is $107.03 and its two-hundred day moving average price is $163.13. RingCentral has a 1 year low of $68.38 and a 1 year high of $315.00.

RingCentral (NYSE:RNG – Get Rating) last announced its earnings results on Tuesday, February 22nd. The software maker reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.05. RingCentral had a negative return on equity of 126.80% and a negative net margin of 23.59%. The firm had revenue of $448.00 million during the quarter, compared to analysts’ expectations of $434.83 million. During the same quarter in the previous year, the business earned ($0.16) EPS. The company’s quarterly revenue was up 33.9% on a year-over-year basis. As a group, analysts anticipate that RingCentral will post -1.99 EPS for the current year.

RNG has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft dropped their price objective on RingCentral from $210.00 to $110.00 in a report on Tuesday. Piper Sandler decreased their target price on RingCentral from $228.00 to $118.00 in a research report on Tuesday. Needham & Company LLC reduced their price target on RingCentral from $225.00 to $110.00 in a research report on Tuesday. BTIG Research reduced their price target on RingCentral from $250.00 to $120.00 in a research report on Tuesday. Finally, Evercore ISI reduced their target price on RingCentral from $275.00 to $225.00 and set an outperform rating on the stock in a research report on Wednesday, February 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $192.68.

A number of institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new stake in RingCentral during the 4th quarter valued at about $9,431,000. JustInvest LLC boosted its stake in shares of RingCentral by 114.4% in the fourth quarter. JustInvest LLC now owns 2,005 shares of the software maker’s stock worth $376,000 after buying an additional 1,070 shares during the last quarter. Vident Investment Advisory LLC boosted its stake in shares of RingCentral by 16.9% in the fourth quarter. Vident Investment Advisory LLC now owns 7,384 shares of the software maker’s stock worth $1,383,000 after buying an additional 1,068 shares during the last quarter. Weiss Multi Strategy Advisers LLC purchased a new stake in shares of RingCentral in the fourth quarter worth about $3,091,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of RingCentral in the fourth quarter worth about $287,000. Institutional investors and hedge funds own 85.96% of the company’s stock.

About RingCentral (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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