RingCentral Hits New All-Time High: Here's What The Street Has To Say

February 11, 2020
Ryan Koontz
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Yahoo Finance

RingCentral Inc (NYSE: RNG) reported fourth-quarter results which sent shares flying to new all-time highs. Here is a summary of how some of the Street's top analysts reacted to the print.

Ring's fourth quarter was highlighted by a subscription revenue beat of 5% versus a historical 2% to 4% typical beat and reaching "Rule of 40+," Bank of America analyst Nikolay Beliov wrote in a note. The subscription revenue growth was driven by strong large customer wins with contract sizes north of $1 million, larger mid and enterprise market deals, strong channel bookings and superior linearity.

Ring's strong outperformance shouldn't come as a surprise given a superior go-to-market strategy and execution, Rosenblatt Securities analyst Ryan Koontz wrote in a note. In fact, the company is likely the "strongest player" in the Unified Communications as a Service (UCaaS) market and can "out-execute" its larger and smaller peers.

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