Great Lakes Advisors LLC Takes $4.34 Million Position in RingCentral, Inc. (NYSE:RNG)

Great Lakes Advisors LLC acquired a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 123,962 shares of the software maker's stock, valued at approximately $4,340,000. Great Lakes Advisors LLC owned 0.14% of RingCentral as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH increased its stake in shares of RingCentral by 32.5% during the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 550,304 shares of the software maker's stock worth $19,266,000 after acquiring an additional 134,928 shares during the period. Hennessy Advisors Inc. acquired a new position in shares of RingCentral during the fourth quarter worth about $59,055,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of RingCentral by 65.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 381,178 shares of the software maker's stock worth $12,057,000 after acquiring an additional 151,433 shares during the period. Beaumont Financial Advisors LLC acquired a new position in shares of RingCentral during the fourth quarter worth about $262,000. Finally, Foundry Partners LLC acquired a new position in shares of RingCentral during the third quarter worth about $8,886,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 123,560 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $28.56, for a total value of $3,528,873.60. Following the completion of the sale, the chief executive officer now owns 444,740 shares of the company's stock, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $28.82, for a total transaction of $662,254.78. Following the completion of the sale, the senior vice president now directly owns 348,599 shares of the company's stock, valued at $10,046,623.18. The trade was a 6.18 % 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 valued at $7,099,279. Insiders own 6.97% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of RingCentral from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, December 18th. Mizuho decreased their price objective 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. Needham & Company LLC decreased their price objective on shares of RingCentral from $42.00 to $36.00 and set a "buy" rating on the stock in a report on Friday, February 21st. UBS Group decreased their price objective on shares of RingCentral from $40.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. Finally, Piper Sandler reduced their price target on shares of RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $37.69.

RingCentral Price Performance

RNG stock traded up $0.19 on Wednesday, hitting $27.19. 1,816,453 shares of the company were exchanged, compared to its average volume of 1,481,288. RingCentral, Inc. has a twelve month low of $26.22 and a twelve month high of $42.19. The business's fifty day moving average is $31.79 and its two-hundred day moving average is $33.59. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -42.49, a price-to-earnings-growth ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG - Get Free Report) last issued 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). RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company had revenue of $614.51 million for the quarter, compared to analyst estimates of $612.37 million. Equities research analysts expect that RingCentral, Inc. will post 1.29 earnings per share for the current year.

RingCentral Company 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.