RingCentral (RNG) Soars 27% on Strong Income, Bullish Rating
RingCentral climbed by 26.97 percent on Wednesday to finish at $29.99 apiece as investors cheered a series of positive developments, including a strong earnings performance and a bullish analyst rating for its stock.
In an updated report, RingCentral, Inc. (NYSE:RNG) said it swung to a net income of $13.19 million from a $14.7 million net loss in the same period last year. Total revenues grew by 4.6 percent to $620.4 million from $592.9 million year-on-year.
Photo by lucas law on Unsplash
In the first half, net income ended at $2.86 million, a reversal from the $43 million net loss in the same comparable period. Total revenues inched up by 2 percent to $1.2 billion from $1.18 billion year-on-year.
Following the results, investment firm Oppenheimer raised its stock rating for RingCentral, Inc. (NYSE:RNG) to 'outperform' from 'perform' previously, with a price target of $35.
According to Oppenheimer, it sees RingCentral, Inc. (NYSE:RNG) as a defensive play with upside potential at an attractive entry point, with the company currently nearing its five-year low.
It added that it expects a 50- to 100-basis point expansion annually for the company.
While we acknowledge the potential of RNG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
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