# RingCentral Shares Gain 5% as Analysts Raise Price Targets By John Kim Canonical URL: https://www.tokenpost.com/news/business/39666 Published: 2026-10-24T05:09:44.000Z Updated: 2026-10-24T05:09:44.000Z Section: Business > Subscription revenue grew 6% year over year to $652.944 million, and the company raised its 2026 revenue and free cash flow forecasts. RingCentral shares closed 5% higher Friday after the business communications company posted 6% year-over-year subscription revenue growth for the third quarter and raised its 2026 financial outlook. The stock ended at $83.39 at 4 p.m. ET (20:00 UTC) Oct. 23. Shares had gained about 7% during Friday morning trading. RingCentral sells business phone, messaging, contact center and video collaboration services. For the quarter ended Sept. 30, subscription revenue reached $652.944 million, up from $615.821 million a year earlier. The 6% growth rate followed 5.8% in the second quarter. Total revenue increased 5.9% to $676.043 million from $638.655 million. Free cash flow reached $157 million, representing 23.2% of revenue versus 20.3% in the year-earlier quarter. Operating cash flow was $180 million, up 18.8% year over year. RingCentral raised its 2026 revenue forecast to $2.650 billion-$2.657 billion from $2.635 billion-$2.646 billion. Its free cash flow forecast moved up to $620 million-$630 million from $615 million-$625 million. TokenPost previously covered the [company’s 2026 outlook increase](). Morgan Stanley raised its price target to $91 from $41 and kept an Equal Weight rating. Piper Sandler lifted its target to $94 from $43 and retained Neutral. RBC Capital Markets raised its target to $105 from $85 and maintained Outperform. ## Links in this article - [company’s 2026 outlook increase](https://www.tokenpost.com/news/business/39409)