Connor Clark & Lunn Investment Management Ltd. Purchases 154,301 Shares of Ringcentral, Inc. (NYSE:RNG)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Ringcentral, Inc. by 49.7%, acquiring 154,301 additional shares, bringing their total to 464,637 shares valued at approximately $11.5 million.
• Several large institutional investors also boosted their holdings, indicating a strong interest in the company with a collective ownership of 98.61% of Ringcentral's stock.
• CEO Vladimir Shmunis and SVP John H. Marlow sold significant amounts of stock recently, with Shmunis selling 94,956 shares worth over $2.5 million, indicating potential insider selling pressure.

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 49.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 464,637 shares of the software maker's stock after buying an additional 154,301 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.51% of Ringcentral worth $11,504,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in Ringcentral during the 4th quarter worth about $49,000. New Age Alpha Advisors LLC acquired a new stake in Ringcentral during the 1st quarter worth about $49,000. PNC Financial Services Group Inc. raised its holdings in Ringcentral by 26.6% during the 1st 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. Quarry LP increased its holdings in shares of Ringcentral by 84.1% in the 4th quarter. Quarry LP now owns 3,501 shares of the software maker's stock valued at $123,000 after purchasing an additional 1,599 shares during the period. Finally, Bayforest Capital Ltd acquired a new position in shares of Ringcentral in the 1st quarter valued at about $145,000. Institutional investors and hedge funds own 98.61% of the company's stock.

Ringcentral Price Performance

Shares of NYSE RNG traded up $0.01 during trading hours on Friday, reaching $30.52. The stock had a trading volume of 345,707 shares, compared to its average volume of 1,443,147. The business's fifty day moving average is $27.45 and its two-hundred day moving average is $27.53. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -217.81, a PEG ratio of 1.38 and a beta of 1.28. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.04. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%. The firm had revenue of $620.40 million during the quarter, compared to analyst estimates of $617.90 million. During the same period in the prior year, the company posted $0.91 earnings per share. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. Sell-side analysts forecast that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RNG has been the topic of a number of research reports. Wedbush dropped their target price on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. 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. Wall Street Zen upgraded Ringcentral from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 5th. Wells Fargo & Company lowered their price target on Ringcentral from $30.00 to $22.00 and set an "underweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Mizuho upped their target price on Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research report on Monday, May 12th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $30.62.

Insider Activity

In other news, SVP John H. Marlow sold 29,173 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total transaction of $774,834.88. Following the sale, the senior vice president owned 352,448 shares in the company, valued at approximately $9,361,018.88. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Tarun Arora sold 7,776 shares of the stock in a transaction on Friday, June 27th. The stock was 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 in the company, valued at $3,205,916. The trade was a 6.36% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 242,400 shares of company stock valued at $6,468,955. 6.97% of the stock is owned by company insiders.

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.