Connor Clark & Lunn Investment Management Ltd. Decreases Stock Holdings in RingCentral, Inc. (NYSE:RNG)

Connor Clark & Lunn Investment Management Ltd. reduced its position in shares of RingCentral, Inc. (NYSE:RNG) by 18.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 310,336 shares of the software maker’s stock after selling 70,842 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in RingCentral were worth $10,865,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in RNG. Hennessy Advisors Inc. acquired a new position in shares of RingCentral during the fourth quarter worth $59,055,000. Pacer Advisors Inc. lifted its position in shares of RingCentral by 45.3% during the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock worth $83,483,000 after purchasing an additional 822,892 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in shares of RingCentral during the fourth quarter worth $20,792,000. Foundry Partners LLC acquired a new stake in RingCentral in the third quarter valued at $8,886,000. Finally, Algert Global LLC raised its holdings in RingCentral by 80.8% in the third quarter. Algert Global LLC now owns 317,734 shares of the software maker’s stock valued at $10,050,000 after acquiring an additional 141,999 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RNG. Robert W. Baird cut their price target on shares of RingCentral from $38.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Barclays cut their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 21st. Rosenblatt Securities cut their price target on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Mizuho cut their price target on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, February 10th. Finally, Raymond James cut their price target on shares of RingCentral from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $37.69.

RingCentral Stock Performance

RingCentral stock opened at $27.04 on Friday. The company has a 50-day simple moving average of $32.29 and a 200-day simple moving average of $33.73. The firm has a market capitalization of $2.45 billion, a P/E ratio of -42.24, a P/E/G ratio of 1.27 and a beta of 1.20. RingCentral, Inc. has a one year low of $26.22 and a one year high of $42.19.

RingCentral (NYSE:RNG) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.73). The firm had revenue of $614.51 million for the quarter, compared to the consensus estimate of $612.37 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. As a group, sell-side analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Insider Transactions at RingCentral

In other news, SVP John H. Marlow sold 35,089 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $28.56, for a total transaction of $1,002,141.84. Following the completion of the transaction, the senior vice president now owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total transaction of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares of the company’s stock, valued at $16,384,089. This represents a 10.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 247,740 shares of company stock worth $7,099,279. Insiders own 6.97% of the company’s stock.

RingCentral Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.