RingCentral Earnings: Founder and CEO Is Stepping Down After Latest Solid Results

No-moat RingCentral had a busy day, reporting slight upside relative to our expectations on both the top and bottom lines, announcing a new CEO, and introducing several new products. While guidance was maintained for the year, the outlook was slightly lower than we anticipated for the third quarter. Given results and guidance, our model adjustments are minor, thus we maintain our fair value estimate of $51 per share. Shares remain undervalued as the stock has lagged the market this year, but we continue to prefer wide-moat stocks in our coverage.