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

Clark Capital Management Group Inc. purchased a new stake in RingCentral, Inc. (NYSE:RNG) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 113,993 shares of the software maker’s stock, valued at approximately $3,991,000.

A number of other large investors also recently modified their holdings of RNG. Kayne Anderson Rudnick Investment Management LLC bought a new stake in RingCentral during the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC lifted its holdings in shares of RingCentral by 55.2% during the fourth quarter. Venturi Wealth Management LLC now owns 2,891 shares of the software maker’s stock worth $101,000 after purchasing an additional 1,028 shares during the period. KBC Group NV grew its stake in shares of RingCentral by 30.8% in the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after purchasing an additional 819 shares during the last quarter. Quarry LP grew its stake in shares of RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,599 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new stake in RingCentral in the fourth quarter valued at $173,000. 98.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RNG. Wells Fargo & Company decreased 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. Mizuho lowered their price target on shares of RingCentral from $32.00 to $25.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Piper Sandler upped their price objective on shares of RingCentral from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Friday. Wedbush decreased their price target on RingCentral from $38.00 to $30.00 and set a “neutral” rating for the company in a report on Friday. Finally, Raymond James lowered their target price on RingCentral from $40.00 to $35.00 and set an “outperform” rating for the company in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, RingCentral currently has a consensus rating of “Hold” and an average price target of $32.62.

Insiders Place Their Bets

In other news, SVP John H. Marlow sold 35,089 shares of the firm’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 value of $1,002,141.84. Following the completion of the transaction, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was 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 $12,701,774.40. This trade represents a 21.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 247,740 shares of company stock worth $7,099,279 in the last quarter. 6.97% of the stock is owned by company insiders.

RingCentral Stock Up 4.1 %

NYSE RNG opened at $27.77 on Friday. The company’s 50 day moving average is $25.27 and its 200-day moving average is $31.86. The firm has a market cap of $2.52 billion, a P/E ratio of -43.39, 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) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.87 earnings per share. Equities analysts expect that RingCentral, Inc. will post 1.29 EPS for the current 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.