RingCentral (NYSE:RNG) shares are trading lower after Zoom (NASDAQ:ZM) acquired phone service provider Five9 (NASDAQ:FIVN), which has increased competition concerns for the company.
Needham analyst Ryan Koontz believes RingCentral’s stock will see near-term pressure from ‘increased long-term competitive concerns’ of Zoom’s ‘power move’ into the enterprise segment.
RingCentral provides software-as-a-service solutions that enable businesses to communicate, collaborate and connect in North America. Its products include RingCentral Office that provides communication and collaboration across various models, including high-definition voice, video, SMS, messaging and collaboration, conferencing, online meetings and fax.
At the time of publication, shares of RingCentral were trading 8.81% lower at $251.27 per share. The stock has a 52-week low of $229 and a 52-week high of $449.
