#2 - RingCentral (NYSE:RNG)
Another company that looks to emerge strong from the work-at-home movement is cloud communications provider RingCentral (NYSE:RNG). If you think of Zoom as more peer-to-peer communication, then RingCentral is more outward facing. The simple premise is that RingCentral allows employees to stay in touch with their customers wherever their customers are and however they want to be reached.
This is a competitive area and RingCentral faces challenges from larger enterprise players like Cisco (CSCO) and Microsoft (MSFT) on the one hand. And at the other end of the spectrum there are “freemium” providers such as Zoom. Therefore, one of the keys to surviving in this space will be through partnerships. RingCentral recently entered into a partnership with Avaya (AVYA). This will mean that eventually RingCentral’s cloud services will be supported by every Avaya endpoint. The company is expecting this partnership to contribute to its financials by the end of the year.
Shares of RNG have dropped about 18% in the recent sell-off, but have staged a rally of nearly 40% in the last two weeks.
About RingCentral
RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.
Read More - Current Price
- $30.64
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $38.56 (25.8% Upside)
