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

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 18.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 310,336 shares of the software maker's stock after selling 70,842 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.34% of RingCentral worth $10,865,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Jupiter Asset Management Ltd. boosted its holdings in RingCentral by 4.7% in the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker's stock valued at $37,067,000 after purchasing an additional 47,827 shares in the last quarter. Great Lakes Advisors LLC acquired a new position in RingCentral during the fourth quarter worth approximately $4,340,000. Wealthfront Advisers LLC purchased a new position in shares of RingCentral during the fourth quarter worth approximately $312,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in RingCentral by 29.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,418 shares of the software maker's stock worth $1,030,000 after purchasing an additional 6,736 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in RingCentral by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker's stock valued at $29,135,000 after acquiring an additional 10,110 shares during the period. Institutional investors and hedge funds own 98.61% of the company's stock.

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Insider Activity at RingCentral

In related news, SVP John H. Marlow sold 35,089 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $28.56, for a total value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 66,112 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $28.83, for a total value of $1,906,008.96. Following the transaction, the chief executive officer now owns 568,300 shares in the company, valued at $16,384,089. This trade represents a 10.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 247,740 shares of company stock valued at $7,099,279. Company insiders own 6.97% of the company's stock.

RingCentral Stock Up 0.7 %

Shares of RNG traded up $0.19 during mid-day trading on Wednesday, reaching $27.19. 1,816,453 shares of the company's stock were exchanged, compared to its average volume of 1,236,298. RingCentral, Inc. has a 52-week low of $26.22 and a 52-week high of $42.19. The company has a 50-day simple moving average of $31.79 and a two-hundred day simple moving average of $33.59. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -42.49, a PEG ratio of 1.27 and a beta of 1.20.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The software maker reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $612.37 million. As a group, equities research analysts predict that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. StockNews.com raised RingCentral from a "buy" rating to a "strong-buy" rating in a report on Monday. Wells Fargo & Company reissued an "underweight" rating and set a $30.00 price target (down from $38.00) on shares of RingCentral in a report on Tuesday, January 7th. Mizuho lowered their price objective on RingCentral from $42.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, February 10th. Piper Sandler decreased their price target on RingCentral from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Friday, February 21st. Finally, Raymond James cut their price objective on RingCentral from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $37.69.

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.