RingCentral (RNG) has now launched their highly anticipated RC Video product for meeting applications. “We view the launch as firm fracture of the collaboration between RNG and ZM as they each now aim to compete in each other’s core markets” Rosenblatt analyst Ryan Koontz told investors following the launch.
RingCentral Video will be bundled across the entire RC Office portfolio at no additional cost across North America. “Our preliminary investigation indicates that the product performs extremely well for basic multi-user video conferencing requirements via the Chrome browser, including screen sharing” cheers Koontz.
However, he does acknowledge that the product appears to lack a few of the high-end cosmetic features that competitor Zoom (ZM) includes such as green-screen and touch-ups. Koontz has a buy rating on RNG stock with a $245 price target (16% upside potential).
Most importantly, RNG’s key channel partner AT&T (T) will also begin offering the new RC Video solution via its AT&T Office@Hand solution effective immediately.
Overall, analysts are striking a bullish tone on RNG stock. In the last three months, 15 out of 16 analysts have published a buy rating on the stock according to TipRanks. The average analyst price target works out at $240. (See RNG stock analysis on TipRanks)
“Despite macro-economic concerns, we expect strong RNG momentum to carry into Q2 as the value of cloud communications is further highlighted as staff are increasingly sequestered at home in COVID-19 stricken regions” sums up Koontz. Indeed, while the stock market has tanked, shares in RingCentral have soared 25% year-to-date and 11% in the last five days alone.