Bastion Asset Management Inc. Has $4.40 Million Holdings in RingCentral, Inc. $RNG

Key Points

• Bastion Asset Management reduced its RingCentral stake by 31.7% in the fourth quarter, but still held 153,978 shares valued at about $4.4 million and representing 2.4% of its portfolio.
• RingCentral insiders sold shares recently, including CEO Vladimir Shmunis and COO Kira Makagon; insiders have sold 262,074 shares worth about $9.4 million over the last 90 days.
• The company reported better-than-expected quarterly results, with EPS of $1.20 and revenue of $644.2 million, and analysts currently rate the stock a consensus Hold with an average price target of $43.

Bastion Asset Management Inc. cut its stake in RingCentral, Inc. (NYSE:RNG - Free Report) by 31.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 153,978 shares of the software maker's stock after selling 71,530 shares during the period. RingCentral comprises approximately 2.4% of Bastion Asset Management Inc.'s holdings, making the stock its 18th largest holding. Bastion Asset Management Inc. owned approximately 0.18% of RingCentral worth $4,403,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Empowered Funds LLC increased its holdings in RingCentral by 9.0% during the 1st quarter. Empowered Funds LLC now owns 11,417 shares of the software maker's stock valued at $283,000 after purchasing an additional 940 shares in the last quarter. Woodline Partners LP increased its holdings in RingCentral by 14.8% during the 1st quarter. Woodline Partners LP now owns 159,474 shares of the software maker's stock valued at $3,949,000 after purchasing an additional 20,518 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in RingCentral by 2.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 261,190 shares of the software maker's stock valued at $6,467,000 after purchasing an additional 5,398 shares in the last quarter. Creative Planning acquired a new stake in RingCentral during the 2nd quarter valued at $274,000. Finally, Invesco Ltd. increased its holdings in RingCentral by 10.8% during the 2nd quarter. Invesco Ltd. now owns 137,935 shares of the software maker's stock valued at $3,910,000 after purchasing an additional 13,446 shares in the last quarter. 98.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Vladimir Shmunis sold 95,831 shares of the firm's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $35.59, for a total value of $3,410,625.29. Following the transaction, the chief executive officer directly owned 126,685 shares in the company, valued at $4,508,719.15. This trade represents a 43.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Kira Makagon sold 46,960 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $35.49, for a total value of $1,666,610.40. Following the completion of the transaction, the chief operating officer owned 369,524 shares in the company, valued at $13,114,406.76. This represents a 11.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 262,074 shares of company stock valued at $9,402,885 over the last 90 days. Company insiders own 7.30% of the company's stock.

RingCentral Stock Performance

Shares of RNG opened at $42.60 on Wednesday. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of 45.32, a PEG ratio of 1.24 and a beta of 1.13. The business's fifty day moving average price is $39.41 and its two-hundred day moving average price is $32.87. RingCentral, Inc. has a 52 week low of $23.59 and a 52 week high of $48.57.

RingCentral (NYSE:RNG - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The software maker reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. The firm had revenue of $644.20 million for the quarter, compared to analyst estimates of $642.73 million. RingCentral had a negative return on equity of 33.75% and a net margin of 3.31%.The business's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $1.00 EPS. RingCentral has set its FY 2026 guidance at 4.850-5.010 EPS and its Q2 2026 guidance at 1.150-1.170 EPS. As a group, research analysts forecast that RingCentral, Inc. will post 2.69 EPS for the current year.

RingCentral Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Tuesday, June 2nd will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Tuesday, June 2nd. RingCentral's dividend payout ratio (DPR) is currently 31.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RNG shares. Oppenheimer reaffirmed an "outperform" rating and set a $50.00 price target on shares of RingCentral in a report on Friday, May 8th. Jefferies Financial Group reaffirmed a "hold" rating and set a $40.00 price target on shares of RingCentral in a report on Saturday, May 9th. Weiss Ratings raised RingCentral from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 2nd. Robert W. Baird set a $45.00 price target on RingCentral in a report on Friday, May 8th. Finally, Needham & Company LLC raised their price target on RingCentral from $36.00 to $55.00 and gave the company a "buy" rating in a report on Friday, March 13th. Three analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $43.00.

About RingCentral

RingCentral, Inc is a leading provider of cloud-based business communications and collaboration solutions. The company’s flagship platform delivers unified communications as a service (UCaaS), integrating voice over IP (VoIP) phone systems, video conferencing, team messaging and SMS into a single, cloud-native application. In addition to its UCaaS offering, RingCentral provides contact center as a service (CCaaS) capabilities, enabling organizations to manage customer interactions across voice, email, chat and social channels from a centralized dashboard.

Founded in 1999 and headquartered in Belmont, California, RingCentral went public on the New York Stock Exchange under the ticker RNG in 2013.

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