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RingCentral Inc (NYSE: RNG) is trading significantly higher Wednesday after the company reported better-than-expected third-quarter financial results and announced a strategic partnership to provide Mitel's customer base with a seamless migration path to its MVP cloud communications platform.
RingCentral reported quarterly earnings of 36 cents per share, which beat the estimate of 33 cents per share. The company reported quarterly revenue of $414.63 million, which beat the estimate of $393.42 million, representing an increase of 37% year-over-year.
Related Link: RingCentral: Q3 Earnings Insights
"Third quarter results were outstanding, with accelerating growth driven by ramping contributions from our key partners and momentum from our upmarket customers. Our success is rooted in our commitment to cultivating trust with our customers, our relentless pace of innovation, and our differentiated partner network with industry leaders," said Vlad Shmunis, founder, chairman and CEO of RingCentral.
Analyst Assessment: Multiple analyst firms weighed in on the stock following RingCentral's financial results:
Keybanc analyst Steve Enders maintained RingCentral with an Overweight rating and raised the price target from $390 to $404.
Needham analyst Ryan Koontz maintained RingCentral with a Buy rating and raised the price target from $360 to $400.
Wells Fargo analyst Michael Turrin maintained RingCentral with an Overweight rating and raised the price target from $375 to $400.
RingCentral is a unified-communication-as-a-service provider. The company's software provides an easy-to-use, integrated communication application that allows for a single user experience across mobile and desktop applications.
RNG Price Action: RingCentral has traded as high as $449 and as low as $207.53 over a 52-week period.
The stock was up 26.10% at $294.59 at time of publication.
Photo: courtesy of RingCentral.
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