RingCentral, Inc. (NYSE: RNG)
RingCentral, Inc. (RNG), a software solutions business communications company yesterday announced that they have been chosen as a top partner in the new “Recommended for Google Apps for Work” program.
RingCentral, Inc. CEO Comments
“Being recommended by Google as a trusted business communications solution is a strong testament to our shared goal to improve the way businesses get work done,” said Vlad Shmunis, CEO, Founder and Chairman of RingCentral. “Google Apps for Work has millions of customers worldwide, which opens up a tremendous opportunity for us to introduce the RingCentral solution to more workplaces and transform the way people communicate and collaborate wherever they are – in the office, at home, or on the go.” Business Wire
Managing Director of Google Apps for Work Comments:
“RingCentral is one of the leading cloud business communication providers and we’re pleased to recommend them for Google Apps for Work,” said Rahul Sood, managing director, Google Apps for Work. “As business productivity moves to the cloud and becomes more mobile centric, Google for Work plays a critical role in providing an ecosystem of tools to help people get work done. RingCentral’s advanced enterprise-grade phone system capabilities extend the power of Google Hangouts. Customers can now get a true and trusted cloud-based unified communications solution that includes video conferencing, chat and telephony.”
RNG Technical Analysis
RNG gapped up in price yesterday to $21.16, up from the prior day’s close of $19.35, which is a 9% increase on the favorable news. Taking a look at the daily chart, we can see the last time RNG traded above this price level was on March 16th 2014, when it closed at $21.48. As we can see, the gap up in price has put the stock at its 52 week high. Stocks generally like to spike up through their 52 week highs so I will be looking to go long near the open. RNG has a float of 52.68 million shares and is trading at 3 times the normal daily trading volume. RNG did reach pre market highs of $21.50, but it gave back $0.34 at the open, or equivalent to 2%. For trading purposes, my entry point would have been $21.25 looking for a run up to $22. My stop loss would have been $21.10 fearing anything below that and the stock would start to fill in the gap up.
RingCentral, Inc. provides software-as-a-service solutions for business communications primarily in the United States. The companys products include RingCentral Office, a multi-location, multi-user, enterprise-grade communications solution that enables employees to communicate through voice, text, HD video and Web conferencing, and fax on devices, including smartphones, tablets, PCs, and desk phones for businesses that require a communications solution; RingCentral Professional, an inbound call routing service with text and fax capabilities primarily for smaller businesses; and RingCentral Fax solution that provides Internet fax capabilities, which allow businesses to send and receive fax documents without the need for a fax machine. It serves advertising, consulting, finance, healthcare, legal, real estate, retail, and technology industries through its direct sales representatives and resellers. The company was founded in 1999 and is headquartered in San Mateo, California. Yahoo Finance