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

Connor Clark & Lunn Investment Management Ltd. raised its position in RingCentral, Inc. (NYSE:RNG) by 65.9% during the third quarter, HoldingsChannel.com reports. The firm 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.’s holdings in RingCentral were worth $12,057,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in RingCentral by 138.3% during the second quarter. Versant Capital Management Inc now owns 1,144 shares of the software maker’s stock worth $32,000 after acquiring an additional 664 shares during the period. Point72 DIFC Ltd acquired a new position in shares of RingCentral during the second quarter worth $39,000. Venturi Wealth Management LLC increased its position in shares of RingCentral by 150.4% during the third quarter. Venturi Wealth Management LLC now owns 1,863 shares of the software maker’s stock worth $59,000 after purchasing an additional 1,119 shares in the last quarter. KBC Group NV grew its stake in shares of RingCentral by 38.9% in the 3rd quarter. KBC Group NV now owns 2,659 shares of the software maker’s stock valued at $84,000 after purchasing an additional 744 shares during the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in RingCentral in the third quarter valued at $121,000. 98.61% of the stock is currently owned by institutional investors.

Insider Transactions at RingCentral

In other news, CFO Vaibhav Agarwal sold 1,985 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $31.40, for a total value of $62,329.00. Following the sale, the chief financial officer now directly owns 135,560 shares of the company’s stock, valued at approximately $4,256,584. This represents a 1.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 6.76% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised their target price on RingCentral from $42.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Northland Securities upped their price target on shares of RingCentral from $43.00 to $50.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. Wedbush upped their price target on RingCentral from $36.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Raymond James dropped their price target on RingCentral from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, November 8th. Finally, Piper Sandler upped their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $40.73.

RingCentral Trading Down 0.5 %

RNG opened at $34.87 on Friday. The business has a 50 day moving average of $33.32 and a 200-day moving average of $32.59. RingCentral, Inc. has a 1-year low of $26.98 and a 1-year high of $40.98. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of -32.90, a P/E/G ratio of 2.26 and a beta of 0.99.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $608.77 million for the quarter, compared to analyst estimates of $601.91 million. Equities analysts predict that RingCentral, Inc. will post 0.84 EPS for the current year.

About RingCentral

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.