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

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

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

Wall Street Analysts Forecast Growth

RNG has been the topic of a number of recent analyst reports. Raymond James cut their price target on shares of RingCentral from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, November 8th. Wells Fargo & Company boosted their price objective on shares of RingCentral from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. StockNews.com upgraded shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 11th. Rosenblatt Securities reissued a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research report on Friday, November 8th. Finally, Wedbush increased their price objective on shares of RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.73.

Insider Transactions at RingCentral

In other RingCentral news, CFO Vaibhav Agarwal sold 2,178 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $35.27, for a total transaction of $76,818.06. Following the completion of the sale, the chief financial officer now owns 135,560 shares in the company, valued at approximately $4,781,201.20. The trade was a 1.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.76% of the stock is currently owned by company insiders.

RingCentral Price Performance

Shares of NYSE:RNG opened at $34.87 on Friday. RingCentral, Inc. has a 1 year low of $26.98 and a 1 year high of $40.98. The firm has a market capitalization of $3.15 billion, a PE ratio of -32.90, a price-to-earnings-growth ratio of 2.26 and a beta of 0.99. The firm’s 50-day moving average is $33.32 and its two-hundred day moving average is $32.59.

RingCentral (NYSE:RNG) last released its earnings results on Thursday, November 7th. The software maker reported $0.24 earnings per share for the quarter, topping 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 firm had revenue of $608.77 million for the quarter, compared to the consensus estimate of $601.91 million. Analysts expect that RingCentral, Inc. will post 0.84 EPS for the current fiscal 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.