Why Shares Of RingCentral Fell Today

RingCentral RNG shares are trading lower after Zoom ZM acquired phone service provider Five9 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.