RingCentral, Inc. (NYSE:RNG) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its stake in RingCentral, Inc. (NYSE:RNG) by 18.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 approximately 0.34% of RingCentral worth $10,865,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in shares of RingCentral by 45.3% in the third quarter. Pacer Advisors Inc. now owns 2,639,356 shares of the software maker’s stock valued at $83,483,000 after purchasing an additional 822,892 shares during the period. Hennessy Advisors Inc. acquired a new position in RingCentral during the fourth quarter worth about $59,055,000. Jupiter Asset Management Ltd. raised its position in RingCentral by 4.7% during the fourth quarter. Jupiter Asset Management Ltd. now owns 1,058,753 shares of the software maker’s stock worth $37,067,000 after acquiring an additional 47,827 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in RingCentral by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 832,197 shares of the software maker’s stock worth $29,135,000 after acquiring an additional 10,110 shares during the last quarter. Finally, Valley Wealth Managers Inc. acquired a new position in RingCentral during the fourth quarter worth about $20,792,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Stock Performance

RingCentral stock opened at $27.04 on Friday. RingCentral, Inc. has a 1 year low of $26.22 and a 1 year high of $42.19. The firm has a 50 day moving average price of $32.29 and a 200 day moving average price of $33.73. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -42.24, a PEG ratio of 1.27 and a beta of 1.20.

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

Insider Activity at RingCentral

In other RingCentral news, SVP John H. Marlow sold 35,089 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 313,510 shares in the company, valued at $8,953,845.60. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Vladimir Shmunis sold 123,560 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $28.56, for a total transaction of $3,528,873.60. Following the sale, the chief executive officer now owns 444,740 shares of the company’s stock, valued at approximately $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 247,740 shares of company stock worth $7,099,279. 6.97% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RNG. Mizuho cut their target price on shares of RingCentral from $42.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Rosenblatt Securities cut their target price on shares of RingCentral from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Morgan Stanley lifted their target price on shares of RingCentral from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Wells Fargo & Company restated an “underweight” rating and set a $30.00 target price (down previously from $38.00) on shares of RingCentral in a research report on Tuesday, January 7th. Finally, Barclays lowered their price target on shares of RingCentral from $37.00 to $31.00 and set an “equal weight” rating for the company in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.