How RingCentral's Shares Gained 21.9% Last Month
Shares of RingCentral (NYSE: RNG) rose 21.9% in January 2020, according to data from S&P Global Market Intelligence. The provider of cloud-based communications services for businesses both large and small enjoyed a steady stream of bullish analyst notes last month, leading up to the company's fourth-quarter earnings report after the closing bell today.
In support of their price target increases and hold-to-buy upgrades, analysts often cited RingCentral's position of leadership in the cloud telephony market and consistent delivery of solid earnings surprises. The concept of cloud-based communications is gaining traction across the modern business landscape, lighting up a clear path toward more and larger contracts.
Just to pick a voice out of Wall Street's bullish consonance, Wells Fargo analyst Michael Turrin argued that the cloud telephony market stands at the edge of a tipping point that could create a $50 billion annual revenue opportunity.
Source Fool.com
