RingCentral (RNG) PT Lowered to $100 at Jefferies

Jefferies analyst Samad Samana lowered the price target on RingCentral (NYSE: RNG) to $100.00 (from $120.00) while maintaining a Buy rating following earnings.

The analyst commented, "RNG beat consensus for total rev, ARR and margins. While the headline #'s were solid, sub rev and Office ARR growth decelerated further and net ARR $'s added missed our estimates. FX weighed on the FY22 sub rev outlook, which was increased by less than the 1Q22 beat. We did find the margin beat in 1Q and the significant increase to the FY22 guidance very encouraging. While expectations were low, we do not see 1Q22 results catalyzing a material NT rebound."

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