Connor Clark & Lunn Investment Management Ltd. Acquires 151,433 Shares of RingCentral, Inc. (NYSE:RNG)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of RingCentral, Inc. (NYSE:RNG - Free Report) by 65.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 381,178 shares of the software maker's stock after purchasing an additional 151,433 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.42% of RingCentral worth $12,057,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Natixis acquired a new stake in RingCentral in the first quarter valued at about $837,000. Victory Capital Management Inc. lifted its stake in RingCentral by 35.0% in the 2nd quarter. Victory Capital Management Inc. now owns 116,300 shares of the software maker's stock valued at $3,280,000 after purchasing an additional 30,138 shares during the last quarter. Olympiad Research LP acquired a new stake in RingCentral in the third quarter valued at approximately $483,000. Jacobs Levy Equity Management Inc. boosted its position in RingCentral by 163.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 310,991 shares of the software maker's stock valued at $10,804,000 after buying an additional 192,766 shares in the last quarter. Finally, Scientech Research LLC bought a new stake in shares of RingCentral during the second quarter worth $957,000. 98.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on RNG. Piper Sandler raised their price objective on RingCentral from $31.00 to $38.00 and gave the company a "neutral" rating in a report on Friday, November 8th. Raymond James decreased their price target on shares of RingCentral from $52.00 to $50.00 and set a "strong-buy" rating for the company in a research report on Friday, November 8th. Wedbush increased their price objective on RingCentral from $36.00 to $41.00 and gave the company a "neutral" rating in a report on Friday, November 8th. StockNews.com raised shares of RingCentral from a "buy" rating to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on RingCentral from $42.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, August 6th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.73.

Insider Activity at RingCentral

In related news, CFO Vaibhav Agarwal sold 2,178 shares of the firm's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $35.27, for a total value of $76,818.06. Following the transaction, the chief financial officer now directly owns 135,560 shares of the company's stock, valued at approximately $4,781,201.20. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 14,347 shares of company stock worth $495,282 over the last quarter. Company insiders own 6.76% of the company's stock.

RingCentral Stock Performance

Shares of RNG traded up $2.04 on Friday, hitting $36.91. 1,282,240 shares of the stock traded hands, compared to its average volume of 1,222,055. The business has a 50 day simple moving average of $33.32 and a 200 day simple moving average of $32.59. RingCentral, Inc. has a one year low of $26.98 and a one year high of $40.98. The company has a market capitalization of $3.34 billion, a PE ratio of -32.90, a P/E/G ratio of 2.26 and a beta of 0.99.

RingCentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating the consensus estimate of $0.14 by $0.10. RingCentral had a negative return on equity of 2.55% and a negative net margin of 4.17%. The company had revenue of $608.77 million for the quarter, compared to analysts' expectations of $601.91 million. On average, equities analysts expect that RingCentral, Inc. will post 0.84 earnings per share for the current year.

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.