Clark Capital Management Group Inc. Invests $3.99 Million in RingCentral, Inc. (NYSE:RNG)

Clark Capital Management Group Inc. acquired a new position in RingCentral, Inc. (NYSE:RNG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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.

Other large investors have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in shares of RingCentral during the 4th quarter worth approximately $49,000. Venturi Wealth Management LLC increased its holdings in 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 buying an additional 1,028 shares during the last quarter. KBC Group NV raised its position in RingCentral by 30.8% during the fourth quarter. KBC Group NV now owns 3,478 shares of the software maker’s stock worth $122,000 after acquiring an additional 819 shares in the last quarter. Quarry LP lifted its stake in RingCentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker’s stock valued at $123,000 after acquiring an additional 1,599 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of RingCentral in the 4th quarter valued at about $173,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

RingCentral Trading Up 4.1 %

NYSE RNG opened at $27.77 on Friday. The company has a market cap of $2.52 billion, a price-to-earnings ratio of -43.39, a PEG ratio of 1.27 and a beta of 1.33. The company has a 50 day moving average of $25.27 and a 200-day moving average of $31.86. RingCentral, Inc. has a 1-year low of $20.59 and a 1-year high of $42.19.

RingCentral (NYSE:RNG) last announced its quarterly earnings data on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.04. The firm had revenue of $612.06 million during the quarter, compared to analysts’ expectations of $610.53 million. RingCentral had a negative return on equity of 12.34% and a negative net margin of 2.43%. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. On average, equities research analysts forecast that RingCentral, Inc. will post 1.29 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Rosenblatt Securities cut their target price on shares of RingCentral from $40.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Wedbush cut their price objective on RingCentral from $38.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday. Piper Sandler lifted their target price on RingCentral from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Friday. Mizuho dropped their price target on RingCentral from $32.00 to $25.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. 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 report on Tuesday, February 25th. 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $32.62.

Insider Buying and Selling

In other RingCentral news, CEO Vladimir Shmunis sold 123,560 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 444,740 shares in the company, valued at $12,701,774.40. This represents a 21.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John H. Marlow sold 35,089 shares of the firm’s stock in a transaction 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 sale, the senior vice president now directly owns 313,510 shares in the company, valued at approximately $8,953,845.60. This represents a 10.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 247,740 shares of company stock valued at $7,099,279 over the last quarter. 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.