Wells Fargo raises RingCentral's price target to $33, while Q1 sales exceed expectations with 9.5% YoY revenue growth.

Wells Fargo & Company raised its price target on RingCentral (NYSE:RNG) to $33.00, while several other analysts also gave recent updates on the stock. RingCentral reported Q1 sales exceeding expectations, with revenue up 9.5% year-on-year to $584.2 million. The company expects its Q2 revenue to be around $586 million and reaffirmed its revenue guidance for the full year at $2.39 billion at the midpoint.