Carillon Tower on RingCentral (RNG): “A Strong Contributor in the Quarter”

Carillon Tower Advisers, an investment management firm, published its fourth quarter 2020 “Carillon Eagle Mid Cap Growth Fund” investor letter – a copy of which can be downloaded here. In the letter, the fund talked about their best and worst securities, together with their outlook for this year from an investment perspective. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.

Carillon Tower Advisers, in their Q4 2020 investor letter, mentioned RingCentral, Inc. (NYSE: RNG) and emphasized their views on the company. RingCentral, Inc. is a Belmont, California-based business communications company that currently has a $27.9 billion market capitalization. Since the beginning of the year, RNG delivered a -18.68% return, while its 12-month gains are decently up by 61.89%. As of March 24, 2021, the stock closed at $308.17 per share.

Here is what Carillon Tower Advisers has to say about RingCentral, Inc. in their Q4 2020 investor letter:

“RingCentral is a cloud computing vendor that provides calling and related features for enterprises in the cloud rather than having equipment installed on location. After lagging the broader market for portions of the year, the firm proved to be a strong contributor in the quarter, as it continues to grow at a healthy and steady pace. Investors have appreciated the visibility of growth that comes from the numerous channel partnerships the company has been signing as of late.”

Our calculations show that RingCentral, Inc. (NYSE: RNG) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, RingCentral, Inc. was in 63 hedge fund portfolios, compared to 59 funds in the third quarter. RNG delivered a -22.14% return in the past 3 months.