If time is between 3 ranges of time

Hello,
I'm trying to do a formula which looks at a single time, checks it against 3 time ranges, and apply the appropriate name for whatever the time falls under which range.

Example:
I have a column with varying times 00:01-23:59. Say C2 is 00:01. I want to check that time to the following and reply with corresponding value.

First 07:00 16:00
Second 16:01 00:00
Third 00:01 06:59

I have a start, which works for a single check:
=IF(PRODUCT({"00:00","07:00"}-C2)<0,"Third")

... but I need it to also check the First and Second time ranges so I can apply the formula to the entire column.

Getting closer, but the shift time (First,second,third) is not applying properly..

=IF(PRODUCT({"00:01","06:59"}-C2)<0,"Third",IF(PRODUCT({"16:01","00:00"}-C2)<0,"Second",IF(PRODUCT({"07:00","16:00"}-C2)<0,"First")))

C2 = 00:01 ... is applying "Second" for some reason. ?????