Is it Now a Good Time to Invest in RingCentral (RNG)?

Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Mid Cap Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Mid-cap stocks overall posted solid gains in the final quarter of 2021. As was the case for the majority of the year, the Russell Midcap® Growth Index (up 2.85%) lagged behind its Russell Midcap® Value Index (up 8.54%) counterpart.  Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Carillon Eagle Mid Cap Growth Fund mentioned RingCentral, Inc. (NYSE:RNG) and explained its insights for the company. Founded in 1999, RingCentral, Inc. (NYSE:RNG) is a Belmont, California-based cloud-based communication and collaboration products and services provider with a $5.3 billion market capitalization. RingCentral, Inc. (NYSE:RNG) delivered a -69.73% return since the beginning of the year, while its 12-month returns are down by -81.26%. The stock closed at $56.72 per share on June 28, 2022.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about RingCentral, Inc. (NYSE:RNG) in its Q1 2022 investor letter:

“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.”

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Our calculations show that RingCentral, Inc. (NYSE:RNG) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. RingCentral, Inc. (NYSE:RNG) was in 43 hedge fund portfolios at the end of the first quarter of 2022, compared to 47 funds in the previous quarter. RingCentral, Inc. (NYSE:RNG) delivered a 56.72% return in the past 3 months.

In May 2022, we also shared another hedge fund’s views on RingCentral, Inc. (NYSE:RNG) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.