Movement Alert｜RingCentral Rises 5.36% in Regular Trading, Multiple Investment Banks Raise Price Target to $85

Market Focus09-04 03:57

On September 4, RingCentral rose 5.36% in regular trading, trading at $76.405 per share, with turnover of approximately $103 million. The rally was driven by RBC Capital Markets initiating coverage on the company with an Outperform rating and an $85 price target, alongside Oppenheimer's recent upgrade of its target from $50 to $85.

RBC noted that RingCentral is less susceptible to AI displacement risk than the market fears, with potential for slight growth acceleration. The firm highlighted that customers using at least one native paid AI product now represent approximately 13% of total annualized recurring revenue, with net retention above 100% and meaningfully higher average revenue per user. RBC expects the company's free cash flow per share to reach about $7.14 in fiscal year, up approximately 11%. The firm also pointed to RingCentral's expansion into contact centers via its Nice partnership and in-house RingCX as key growth catalysts.

For context, RingCentral reported Q2 adjusted EPS of $1.22, beating the $1.16 consensus by 5.17%, with revenue of $657 million also exceeding estimates. The company raised its full-year adjusted EPS guidance to $4.96–$5.10, above the prior FactSet estimate of $4.92.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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