Baird lowered the firm’s price target on RingCentral to $32 from $37 and keeps a Neutral rating on the shares. The firm said they reported solid Q3 results, including modest upside to revenue and margins, and while Q4 guidance was in line, the full-year revenue raised slightly at the midpoint to reflect the Q3 beat.
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Read More on RNG:
- RingCentral (NYSE:RNG) Soars on Q3 Earnings Beat and Upbeat Guidance
- RingCentral narrows FY23 EPS view to $3.19-$3.20 from $3.11-$3.25
- RingCentral sees Q4 adjusted EPS 82c-83c, consensus 82c
- RingCentral reports Q3 adjusted EPS 78c, consensus 75c
- Ringcentral options imply 13.3% move in share price post-earnings