Piper Sandler analyst James Fish lowered the firm’s price target on RingCentral to $32 from $37 on lower comps, while keeping a Neutral rating on the shares. The firm notes RingCentral reported a largely inline quarter with revenue coming in slightly above Street estimates, offset by slowing ARR that missed expectations slightly. While RingCentral did see strength in the Enterprise segment this quarter, CEO Robbiati noted a desire to focus more on the SMB/Mid-Market space due to a better ability to bundle UCaaS, RingCX & other new products.
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