Ringcentral, Inc. (NYSE:RNG) Shares Acquired by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management Inc. increased its stake in Ringcentral, Inc. by 189.0% during the first quarter, owning approximately 311,236 shares valued at about $7.7 million, making it the third largest position in their portfolio.
• Insider transactions revealed that CEO Vladimir Shmunis sold 94,956 shares for over $2.5 million, reducing his ownership by 13.51%.
• Analysts have mixed views on Ringcentral, with an average rating of "Hold" and a consensus target price of $33.08, down from previous estimates as several firms lower their price targets.

Bastion Asset Management Inc. raised its holdings in Ringcentral, Inc. (NYSE:RNG - Free Report) by 189.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 311,236 shares of the software maker's stock after acquiring an additional 203,547 shares during the quarter. Ringcentral comprises approximately 4.2% of Bastion Asset Management Inc.'s holdings, making the stock its 3rd largest position. Bastion Asset Management Inc. owned about 0.34% of Ringcentral worth $7,706,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in RNG. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Ringcentral during the 4th quarter worth about $49,000. Quarry LP raised its position in shares of Ringcentral by 84.1% in the 4th 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 period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Ringcentral by 10.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,983 shares of the software maker's stock worth $176,000 after buying an additional 468 shares during the period. GAMMA Investing LLC raised its holdings in Ringcentral by 1,803.3% during the 1st quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after buying an additional 5,536 shares during the period. Finally, Captrust Financial Advisors acquired a new stake in Ringcentral during the 4th quarter worth approximately $225,000. 98.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Ringcentral news, SVP John H. Marlow sold 19,442 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $26.43, for a total transaction of $513,852.06. Following the transaction, the senior vice president directly owned 333,006 shares in the company, valued at $8,801,348.58. This trade represents a 5.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Kira Makagon sold 21,185 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $27.69, for a total value of $586,612.65. Following the transaction, the chief operating officer owned 413,131 shares in the company, valued at $11,439,597.39. The trade was a 4.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 244,647 shares of company stock worth $6,531,804. 6.97% of the stock is currently owned by company insiders.

Ringcentral Price Performance

RNG stock traded up $0.20 during midday trading on Wednesday, hitting $26.76. The stock had a trading volume of 586,001 shares, compared to its average volume of 1,373,286. The business has a 50-day moving average of $27.25 and a two-hundred day moving average of $28.05. Ringcentral, Inc. has a 52-week low of $20.58 and a 52-week high of $42.19. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -60.87, a price-to-earnings-growth ratio of 0.88 and a beta of 1.29.

Ringcentral (NYSE:RNG - Get Free Report) last posted its earnings results on Thursday, May 8th. The software maker reported $1.00 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.04. The company had revenue of $612.06 million for the quarter, compared to the consensus estimate of $610.53 million. Ringcentral had a negative return on equity of 15.63% and a negative net margin of 1.65%. Ringcentral's revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 earnings per share. Research analysts predict that Ringcentral, Inc. will post 1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Ringcentral from $25.00 to $27.00 and gave the stock a "neutral" rating in a research note on Monday, May 12th. Needham & Company LLC initiated coverage on shares of Ringcentral in a research report on Friday, May 9th. They set a "buy" rating and a $36.00 price objective for the company. Wedbush reduced their target price on shares of Ringcentral from $38.00 to $30.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Morgan Stanley dropped their price target on Ringcentral from $40.00 to $29.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Finally, Piper Sandler boosted their target price on Ringcentral from $25.00 to $28.00 and gave the stock a "neutral" rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Ringcentral has a consensus rating of "Hold" and an average target price of $33.08.

Ringcentral 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.