We recently published 10 Stocks With Easy 15-30% Upside. RingCentral, Inc. is one of the best-performing stocks on Wednesday.
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. 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.
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. to “outperform” from “perform” previously, with a price target of $35.
According to Oppenheimer, it sees RingCentral, Inc. 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.
