RingCentral stock remains on a bearish trajectory
RingCentral, Inc. (NYSE:RNG) is an American company that provides cloud-based communications and collaboration solutions for businesses on their Message Video Phone global platform. RingCentral offers three key products in its portfolio including RingCentral MVP, a Unified Communications as a Service platform including team messaging, video meetings, and cloud phone systems.
On June 1, RingCentral announced a major partnership with Deutsche Telekom in order to deliver mobility-centric, flexible, easy to use, and secure cloud communication solutions. RNG also stated that the partnership will bring the benefits of next-generation communications and collaboration capabilities to companies of every size. The partnership will also offer Deutsche Telekom’s customers a co-branded version of RingCentral Video as a stand-alone video solution.
RingCentral stock is about flat year-over-year, but has managed to add around 10% since since touching its September low of $229.00. Additionally, shares of RingCentral stock have dropped 33% year-to-date and are currently trading down 43% from its February record-high of $449.00.
Overall, RingCentral is still a company in its early growth stages, which is apparent by the company’s high revenue growth rate and continued lack of profitability. Despite four straight quarterly earnings beats over the past 12 months, RingCentral stock remains in the early growth stages. In general, RNG is an intriguing speculative play, especially after the RingCentral stock’s big downward move this year.