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.

RNG stock opened at $64.40 on Monday. The company has a market capitalization of $5.94 billion, a P/E ratio of -11.32 and a beta of 0.93. The company has a 50-day simple moving average of $98.30 and a 200 day simple moving average of $151.75. RingCentral has a fifty-two week low of $59.04 and a fifty-two week high of $315.00. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 33.52.

RingCentral (NYSE:RNGGet Rating) last posted its quarterly earnings data on Monday, May 9th. The software maker reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.05. The business had revenue of $467.66 million during the quarter, compared to the consensus estimate of $458.36 million. RingCentral had a negative net margin of 30.82% and a negative return on equity of 183.51%. The company’s quarterly revenue was up 32.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.41) earnings per share. Equities analysts anticipate that RingCentral will post -1.66 EPS for the current year.

RNG has been the subject of several research analyst reports. The Goldman Sachs Group reduced their price objective on shares of RingCentral from $240.00 to $205.00 and set a buy rating for the company in a report on Wednesday, February 23rd. StockNews.com raised shares of RingCentral from a sell rating to a hold rating in a report on Wednesday, May 11th. BTIG Research dropped their price target on shares of RingCentral from $250.00 to $120.00 in a research report on Tuesday, May 10th. Mizuho dropped their price target on shares of RingCentral from $220.00 to $150.00 in a research report on Tuesday, May 10th. Finally, Needham & Company LLC dropped their price target on shares of RingCentral from $225.00 to $110.00 in a research report on Tuesday, May 10th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, RingCentral currently has an average rating of Buy and a consensus price target of $190.41.

In other RingCentral news, COO Mohammed Katibeh sold 1,846 shares of RingCentral stock in a transaction on Wednesday, May 11th. The shares were 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 of the company’s stock, valued at approximately $7,442,624.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Agarwal sold 10,443 shares of RingCentral stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $67.59, for a total transaction of $705,842.37. Following the sale, the chief financial officer now directly 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. Company insiders own 7.35% of the company’s stock.

Several large investors have recently modified their holdings of the business. Neo Ivy Capital Management raised its holdings in shares of RingCentral by 185.1% during the 4th quarter. Neo Ivy Capital Management now owns 191 shares of the software maker’s stock valued at $36,000 after purchasing an additional 124 shares in the last quarter. Penserra Capital Management LLC raised its holdings in shares of RingCentral by 26.0% during 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. Advisors Asset Management Inc. raised its holdings in shares of RingCentral by 51.5% during the 1st 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. Captrust Financial Advisors raised its holdings in shares of RingCentral by 39.8% during the 1st quarter. Captrust Financial Advisors now owns 1,705 shares of the software maker’s stock valued at $200,000 after purchasing an additional 485 shares in the last quarter. Finally, EP Wealth Advisors LLC bought a new position in shares of RingCentral during the 4th quarter valued at $287,000. 85.96% of the stock is owned by institutional investors.

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.

Further Reading

Earnings History and Estimates for RingCentral (NYSE:RNG)

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