Clark Capital Management Group Inc. Has $3.32 Million Stock Position in Ringcentral, Inc. $RNG

Key Points

• Clark Capital Management Group Inc. increased its stake in RingCentral, Inc. by 17.6% during the first quarter, owning approximately $3.32 million worth of shares.
• Several institutional investors have also made significant changes to their positions in RingCentral, with hedge funds holding 98.61% of the company’s stock.
• Analysts have mixed ratings for RingCentral, with an average rating of "Hold" and a consensus price target of $30.62, while Rosenblatt Securities and Needham & Company have issued "buy" ratings with target prices of $32.00 and $36.00 respectively.

Clark Capital Management Group Inc. increased its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 134,020 shares of the software maker's stock after acquiring an additional 20,027 shares during the quarter. Clark Capital Management Group Inc. owned approximately 0.15% of Ringcentral worth $3,318,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. New Age Alpha Advisors LLC acquired a new position in Ringcentral in the first quarter valued at about $49,000. PNC Financial Services Group Inc. increased its stake in shares of Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock worth $72,000 after buying an additional 615 shares during the period. Bayforest Capital Ltd purchased a new stake in shares of Ringcentral during the first quarter worth approximately $145,000. GAMMA Investing LLC increased its stake in Ringcentral by 1,803.3% in the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock valued at $145,000 after purchasing an additional 5,536 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new position in Ringcentral in the fourth quarter valued at approximately $225,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Insider Buying and Selling

In other news, COO Kira Makagon sold 21,185 shares of the stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $27.69, for a total transaction of $586,612.65. Following the transaction, the chief operating officer owned 413,131 shares of the company's stock, valued at approximately $11,439,597.39. This represents a 4.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Tarun Arora sold 7,776 shares of the stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $28.00, for a total value of $217,728.00. Following the sale, the chief accounting officer owned 114,497 shares of the company's stock, valued at approximately $3,205,916. The trade was a 6.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,391 shares of company stock worth $3,095,392. Insiders own 6.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RNG shares. Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price objective for the company in a research report on Wednesday, August 6th. KeyCorp initiated coverage on Ringcentral in a research note on Friday, June 6th. They issued a "sector weight" rating on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $32.00 price objective on shares of Ringcentral in a research note on Monday, May 19th. UBS Group dropped their target price on Ringcentral from $33.00 to $32.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Finally, Mizuho lifted their price objective on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a report on Monday, May 12th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $30.62.

Ringcentral Price Performance

Shares of Ringcentral stock traded up $0.52 during trading on Monday, hitting $32.46. The stock had a trading volume of 2,020,955 shares, compared to its average volume of 1,762,515. The firm has a market cap of $2.94 billion, a P/E ratio of -231.87, a PEG ratio of 1.47 and a beta of 1.32. The business has a fifty day moving average of $28.61 and a two-hundred day moving average of $27.03. Ringcentral, Inc. has a fifty-two week low of $20.58 and a fifty-two week high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, beating the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million during the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.Ringcentral's revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 earnings per share. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. As a group, research analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

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.