RingCentral Launches Unify Office in France; J.P. Morgan Says Buy
Cloud communications company RingCentral and Atos SE, which is a French-based global leader in digital transformation, announced the launch of Unify Office in France. It will also be available in Austria, Belgium, Ireland, Italy, Spain and The Netherlands.
Back in July, RingCentral (RNG) and Atos expanded their partnership and launched the co-branded UCaaS (Unified Communications as a Service) solution called Unify Office by RingCentral. Unify Office helps businesses to “communicate and collaborate with ease using industry leading voice, video, team messaging and fax capabilities from anywhere using any device via a single enterprise solution.”
On Aug. 3, RingCentral reported 2Q earnings of $0.24 per share, compared to analysts’ expectations of $0.20 per share. Its revenues of about $278 million surpassed analysts’ estimates of $263.8 million. Both earnings and revenues grew 14.3% and 29%, respectively, on a year-over-year basis. (See RNG stock analysis on TipRanks)
On Sept. 18, J.P. Morgan analyst Sterling Auty said that the 19% pullback in RingCentral stock from its high on September 1 should be viewed as a buying opportunity. Auty believes the selloff in September was due to a combination of trading by convert holders, technical impacts, and renewed talk of competition from Microsoft. In addition, the analyst said that improvement from recent partnerships is materializing. He maintained a Buy rating on the stock.
Currently, the Street has an optimistic outlook on the stock. The Strong Buy analyst consensus is based on 19 Buys and 1 Hold. The average price target of $337.06 implies upside potential of about 30.7% to current levels. Shares have increased 52.9% year-to-date.
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