5 Notable Market Movers to Watch on Wednesday

4. RingCentral, Inc. (NYSE:RNG)

Number of Hedge Fund Holders: 43

Shares of RingCentral, Inc. (NYSE:RNG) plummeted over 11 percent this morning after Needham downgraded the provider of cloud-based business communications solutions from “Buy” to “Hold,” citing its decelerating enterprise growth. Needham analyst Ryan Koontz also referred to competition from Microsoft Teams and called it a hurdle in the growth of RingCentral, Inc. (NYSE:RNG).

Separately, investment management firm Carillon Tower Advisers mentioned RingCentral, Inc. (NYSE:RNG) in its first-quarter 2022 investor letter. Here’s what the firm said:

RingCentral (NYSE:RNG) provides software-as-a-service solutions for global enterprise cloud communications. The firm’s shares have pulled back on fears of potential increased competition and tough comparisons to performance during the COVID-related surge in 2020 and 2021.”