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. grew its position in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 49.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 464,637 shares of the software maker's stock after purchasing 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.

Several other large investors have also recently modified their holdings of RNG. Capital World Investors increased its holdings in shares of Ringcentral by 5.9% in the fourth quarter. Capital World Investors now owns 10,663,441 shares of the software maker's stock worth $373,327,000 after buying an additional 591,398 shares during the period. First Trust Advisors LP increased its holdings in shares of Ringcentral by 35.6% in the fourth quarter. First Trust Advisors LP now owns 2,009,286 shares of the software maker's stock worth $70,345,000 after buying an additional 527,901 shares during the period. Wellington Management Group LLP purchased a new position in shares of Ringcentral in the fourth quarter worth about $15,630,000. AQR Capital Management LLC increased its holdings in shares of Ringcentral by 24.5% in the fourth quarter. AQR Capital Management LLC now owns 1,612,270 shares of the software maker's stock worth $56,446,000 after buying an additional 317,689 shares during the period. Finally, Jupiter Asset Management Ltd. increased its holdings in Ringcentral by 29.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,365,724 shares of the software maker's stock valued at $33,815,000 after purchasing an additional 306,971 shares during the period. Hedge funds and other institutional investors own 98.61% of the company's stock.

Insiders Place Their Bets

In related news, CEO Vladimir Shmunis sold 94,956 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $2,522,031.36. Following the transaction, the chief executive officer directly owned 607,719 shares of the company's stock, valued at approximately $16,141,016.64. This represents a 13.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP John H. Marlow sold 29,173 shares of Ringcentral stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $26.56, for a total value of $774,834.88. Following the completion of the sale, the senior vice president directly owned 352,448 shares of the company's stock, valued at $9,361,018.88. The trade was a 7.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 244,647 shares of company stock worth $6,531,804 in the last three months. Corporate insiders own 6.97% of the company's stock.

Ringcentral Stock Down 1.2%

Ringcentral stock opened at $28.76 on Monday. The company has a market capitalization of $2.59 billion, a P/E ratio of -205.41, a PEG ratio of 1.47 and a beta of 1.28. Ringcentral, Inc. has a twelve month low of $20.58 and a twelve month high of $42.19. The stock's 50 day moving average is $27.27 and its 200 day moving average is $27.59.

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, beating the consensus estimate of $1.02 by $0.04. The business had revenue of $620.40 million for the quarter, compared to analysts' expectations of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%. The firm's quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. As a group, equities analysts expect that Ringcentral, Inc. will post 1.29 EPS for the current year.

Analyst Ratings Changes

RNG has been the topic of a number of research analyst reports. Wedbush reduced their price target on Ringcentral from $38.00 to $30.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a report on Wednesday, August 6th. Jefferies Financial Group reduced their target price on Ringcentral from $30.00 to $29.00 and set a "hold" rating on the stock in a report on Wednesday, August 6th. Piper Sandler upped their target price on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $32.00 target price on shares of Ringcentral in a report on Monday, May 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $30.62.

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.

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