RingCentral rises as brokerages raise PT after second-quarter results beat estimates

RingCentral

02/08/2024 20:35

** Shares of cloud communications provider RingCentral
 RNG.N  rise 4.3% to $34.89
    ** At least five brokerages raise PT to between $35 and $50
after RNG's Q2 financial results
    ** Brokerage Rosenblatt Securities upgrades stock rating to
"buy" from "neutral"
    ** Company posts Q2 revenue of $592.9 mln, beats analysts'
avg est. of $586.4 mln - LSEG data
    ** Posts Q2 adjusted EPS of 91 cents vs est. of 88 cents per
share
    ** Forecasts Q3 revenue between $600.5 mln and $603.5 mln vs
analysts' avg est. of $601.7 mln 
    ** Up to last close, stock down 1.5% YTD 

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))