Ringcentral RNG embarks on a transformative journey in enterprise cloud communications by forging a multi-year partnership with the San Francisco Giants.
Being the latest entrant as an enterprise cloud communication partner, RNG endeavors to revamp the Giants’ business communication framework, fostering greater engagement among employees and fans within the organization.
With the integration of Ringcentral’s premier solutions like RingEX and Contact Center, the Giants envisage augmented collaboration amongst employees, substantial cost efficiencies, and an enhanced fan experience accentuated by swifter response times and superior call reliability.
Ushering in a New Era
The latest strategic move reflects Ringcentral’s commitment to harnessing AI-driven solutions to uplift its business communications and customer interactions.
Having achieved a significant milestone of $1 billion in Annual Recurring Revenue (ARR) within the enterprise sphere during the fourth quarter of 2023, Ringcentral’s growth prospects appear robust, elucidating a heightened demand for its solutions.
In a bid to reinforce its enterprise offerings during the same quarter, RNG collaborated with Microsoft MSFT to seamlessly integrate its solutions with Microsoft Teams, garnering traction from industry titans like Republic Airways within the United States.
By intertwining its calling functionalities with Microsoft Teams, Ringcentral underscores its confidence in fortifying the platform and delivering comprehensive communication solutions.
Moreover, Ringcentral recently unveiled its partnership with Brightspeed to unveil Brightspeed Voice+, a cutting-edge AI-driven cloud communication service meant for corporate clients, amplifying connectivity and collaborations through integrated messaging, video, and voice capabilities.
The commendable success of Ringcentral’s Healthcare solution is further accentuated with its unwavering 99.999% reliability, advanced solutions, best-in-class security standards, and notable certifications such as HIPAA and HITRUST. Over the past 18 months, Ringcentral has acquired over 500 new healthcare clients across diverse enterprise sectors, showcasing its resonance and impact in the industry.
Doubling down on its presence in the healthcare domain, RNG introduced a unified patient care solution that seamlessly integrates with leading Electronic Health Record (EHR) providers such as Epic, Cerner, and AllScripts.
With a keen focus on innovation, robust partnerships, and a diverse clientele, Ringcentral is poised to expand its horizons and bolster its revenues. These factors are set to propel its top-line growth.
For the first quarter of 2024, Ringcentral anticipates revenues ranging between $575 million and $580 million, showcasing a year-over-year growth of 8-9%. The Zacks Consensus Estimate for first-quarter revenues stands at $577.93 million, denoting an 8.29% year-over-year upsurge.
Earnings are projected to be in the range of 79-80 cents per share. The consensus estimate for earnings saw a marginal uptick to 79 cents in the preceding 30 days.
Strategic Positioning
Ringcentral currently holds a Zacks Rank #3 (Hold).
Year-to-date, RNG’s shares have witnessed a 4.6% decline, in stark contrast to the 13.1% surge observed in the Computer & Technology sector as per Zacks.
Within the broader tech landscape, standout performers include NetApp NTAP and NVIDIA NVDA, both flaunting a Zacks Rank #1 (Strong Buy). For a comprehensive list of top-ranking stocks, click here.
NetApp has registered an 18.9% uptick year-to-date, with a long-term earnings growth rate projection of 8.79%.
On the other hand, NVIDIA has surged by 83% since the beginning of the year, with its long-term earnings growth rate currently forecasted at an impressive 30.93%.
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