Clark Capital Management Group Inc. Makes New Investment in RingCentral, Inc. (NYSE:RNG)

Clark Capital Management Group Inc. bought a new stake in RingCentral, Inc. (NYSE:RNG - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 113,993 shares of the software maker's stock, valued at approximately $3,991,000. Clark Capital Management Group Inc. owned approximately 0.13% of RingCentral as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Sovereign Financial Group Inc. lifted its holdings in shares of RingCentral by 4.0% during the fourth quarter. Sovereign Financial Group Inc. now owns 10,079 shares of the software maker's stock worth $353,000 after buying an additional 386 shares during the last quarter. Gagnon Securities LLC grew its position in RingCentral by 5.6% during the fourth quarter. Gagnon Securities LLC now owns 7,703 shares of the software maker's stock worth $270,000 after buying an additional 407 shares in the last quarter. Xponance Inc. grew its position in RingCentral by 4.2% during the fourth quarter. Xponance Inc. now owns 10,664 shares of the software maker's stock worth $373,000 after buying an additional 426 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in RingCentral by 10.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after buying an additional 468 shares in the last quarter. Finally, Private Advisor Group LLC grew its position in RingCentral by 9.6% during the fourth quarter. Private Advisor Group LLC now owns 8,896 shares of the software maker's stock worth $311,000 after buying an additional 777 shares in the last quarter. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RNG shares. Mizuho increased their price objective on RingCentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday. StockNews.com upgraded RingCentral from a "buy" rating to a "strong-buy" rating in a report on Tuesday. Rosenblatt Securities lowered their target price on RingCentral from $40.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Morgan Stanley reduced their price objective on shares of RingCentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Finally, Robert W. Baird reduced their price objective on shares of RingCentral from $38.00 to $32.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $32.77.

RingCentral Price Performance

Shares of NYSE:RNG traded up $0.08 during midday trading on Thursday, hitting $27.95. 352,577 shares of the company's stock were exchanged, compared to its average volume of 1,338,552. The stock has a 50 day moving average price of $25.28 and a 200-day moving average price of $31.74. The company has a market cap of $2.54 billion, a PE ratio of -43.69, a price-to-earnings-growth ratio of 1.27 and a beta of 1.33. RingCentral, Inc. has a 12 month low of $20.59 and a 12 month high of $42.19.

RingCentral (NYSE:RNG - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.04. RingCentral had a negative net margin of 2.43% and a negative return on equity of 12.34%. The business had revenue of $612.06 million during the quarter, compared to the consensus estimate of $610.53 million. During the same period in the prior year, the firm posted $0.87 EPS. The firm's quarterly revenue was up 4.8% compared to the same quarter last year. On average, analysts anticipate that RingCentral, Inc. will post 1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 123,560 shares of the company'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 $3,528,873.60. Following the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at approximately $12,701,774.40. This represents a 21.74% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 22,979 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $28.82, for a total transaction of $662,254.78. Following the sale, the senior vice president now owns 348,599 shares in the company, valued at $10,046,623.18. The trade was a 6.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 247,740 shares of company stock valued at $7,099,279. Corporate insiders own 6.97% of the company's stock.

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.