RingCentral Stock Price Increases 7% in a Month: Should You Buy It?
RingCentral‘s RNG shares have gained 7.4% in the past month compared with the Zacks Computer & Technology sector’s rise of 5.6%.
The uptick can be attributed to RNG’s growing AI initiatives, including the introduction of RingCX — its AI-first cloud contact center product. In second-quarter 2024, the customer count for RingCX increased above 70% sequentially, reaching more than 350 customers.
RNG is riding on solid demand for its Unified Communications as a Service (UCaaS) and contact center software-as-a-service (SaaS) solutions.
In the second quarter, ARR (Annual Recurring Revenue) rose to $2.43 billion, with strong contributions from RNG’s UCaaS and SAAS businesses.
Ringcentral, Inc. Price and Consensus
