#6 - RingCentral (NYSE:RNG)
Although many of us would prefer to never take another “Zoom meeting” anytime soon, it’s been a way of life for many college graduates for the better part of a year. But if we’re honest with ourselves the workplace was heading that way long before the pandemic.
In some form, work-from-anywhere is not going away. And that means there will be demand for services such as the kind that RingCentral (NYSE:RNG) provides. But if you believe that RingCentral is simply a pandemic stock, you’re missing the bigger story. RingCentral has a recurring revenue narrative termed Unified-Communications-as-a-Service (UCaaS) that will continue long after the new normal arrives.
Currently the company only has about 1.2 billion out of a market that generated $50 billion in 2020. However, with a service that they can provide for as low as $19.99/month, RingCentral has an opportunity to expand their market share.
After surging by 122% last year, RNG stock is down 30% for the year. But once investors cast a more discerning eye at tech stocks, RingCentral is likely to recover in a big way.
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.
More about RingCentral- Current Price
- $22.76
- Consensus Rating
- Hold
- Ratings Breakdown
- 5 Buy Ratings, 7 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $36.00 (58.2% Upside)
