Movement Alert｜RingCentral Intraday Rise 16.37% in Regular Trading, earnings beat and higher full-year guidance lift shares

Market Focus10-23

On October 23, RingCentral saw an Intraday Rise of 16.37% in Regular Trading, with the stock trading at $93.24 and turnover reaching $9.21 million.

The move was supported by the company’s latest quarterly results and updated outlook, both of which came in above market expectations.

RingCentral reported third-quarter adjusted EPS of $1.33, above the $1.28 consensus, on revenue of $676.0 million versus expectations of about $667.0 million. The company also guided fourth-quarter adjusted EPS to $1.32-$1.37 on revenue of $673 million-$680 million, and raised its full-year adjusted EPS outlook to $5.07-$5.12 with revenue of $2.65 billion-$2.66 billion, both modestly above consensus. Separately, Morgan Stanley lifted its price target to $91 from $41 while maintaining an Equalweight rating, adding to the day’s positive read-through.

(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.)

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