Analyst lowers RNG's price forecast from $40 to $28 amidst revenue concerns. Expected slower revenue growth due to competition and economic uncertainty. New products may drive $100 million in annual recurring revenue by 2025. Adjusted EPS estimates for fiscal 2025 and 2026 revised downward slightly. RNG stock closed up 6.38% to $25.01 following the analyst's report.
- RingCentral's quarterly earnings of $0.87/share beat estimates, with revenues of $584.21 million. - The stock has lost 10.7% this year, underperforming the S&P 500's gain of 8.6%. - Empirical research shows a correlation between stock movements and earnings estimate revisions. - Estimate revisions trend for RingCentral is currently mixed, translating into a Zacks Rank #3 (Hold). - Globant, another IT services provider, is expected to report earnings of $1.53/share. Price Impact Rating: bearish Impact Horizon Rating: short-term Type: Earnings