Billionaire Paul Singer’s Top 12 Long-Term Stock Picks

7. RingCentral, Inc. (NYSE:RNG)

Elliott Management’s Stake Value: $36.50 Million

Elliott Management First Major Purchase: 2022

Number of Hedge Fund Holders: 32

RingCentral, Inc. (NYSE:RNG) offers cloud communications, video meetings, collaboration, and contact center software. Its main product, RingCentral Message Video Phone, unifies communication across different modes. The stock has risen 22.64% this year due to an expanding product lineup and new partnerships.

RingCentral, Inc. (NYSE:RNG) has inked new alliances with Vodafone and Cox Communications. The successful introduction of new products like RingCX and strategic partnerships demonstrate RingCentral’s continued dedication to expansion and innovation in the communications industry.

In addition, RingCentral, Inc. (NYSE:RNG) is also leveraging artificial intelligence to strengthen its product line, attracting more deals on the subscription front. The business unveiled new features for its AI-powered RingCX, such as sophisticated AI-based coaching insights for managers and supervisors and a real-time AI-powered assistant for agents and supervisors.

The strategic partnerships and innovations catalyzed RingCentral, Inc.’s (NYSE:RNG) solid third-quarter results on November 7, 2024. Revenue was $609 million, representing a 9% year-over-year increase. The increase came as subscription revenues increased 10%. RingCentral also increased its monthly average recurring revenue by 9% to $2.48 billion.