The BNP Paribas Arbitrage SA Raises Stake in RingCentral Inc (RNG)

The BNP Paribas Arbitrage SA Raises Stake in RingCentral Inc (RNG)

Several other hedge funds also recently made changes to their positions in the company. BlackRock Advisors LLC increased its stake in shares of RingCentral by 9.9% in the third quarter. BlackRock Advisors LLC now owns 30,952 shares of the software maker’s stock valued at $732,000 after buying an additional 2,788 shares during the period. BlackRock Investment Management LLC increased its stake in shares of RingCentral by 1.0% in the third quarter. BlackRock Investment Management LLC now owns 220,758 shares of the software maker’s stock valued at $5,223,000 after buying an additional 2,102 shares during the period. BlackRock Fund Advisors increased its stake in shares of RingCentral by 6.4% in the third quarter. BlackRock Fund Advisors now owns 1,481,221 shares of the software maker’s stock valued at $35,046,000 after buying an additional 89,209 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of RingCentral by 10.6% in the third quarter. TIAA CREF Investment Management LLC now owns 343,290 shares of the software maker’s stock valued at $8,122,000 after buying an additional 32,834 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of RingCentral by 2.7% in the third quarter. Rhumbline Advisers now owns 59,319 shares of the software maker’s stock valued at $1,403,000 after buying an additional 1,575 shares during the period. 66.67% of the stock is currently owned by institutional investors and hedge funds.

BNP Paribas Arbitrage SA increased its stake in RingCentral Inc (NYSE:RNG) by 3,956.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 173,191 shares of the software maker’s stock after buying an additional 168,922 shares during the period. BNP Paribas Arbitrage SA owned 0.23% of RingCentral worth $4,901,000 as of its most recent filing with the SEC.

Shares of RingCentral Inc (RNG) opened at 35.30 on Monday. RingCentral Inc has a 52 week low of $18.54 and a 52 week high of $35.30. The firm’s 50-day moving average price is $32.35 and its 200 day moving average price is $26.19. The company’s market cap is $2.65 billion.

RNG has been the topic of several recent research reports. William Blair reissued an “outperform” rating on shares of RingCentral in a report on Tuesday, February 14th. Zacks Investment Research downgraded RingCentral from a “hold” rating to a “sell” rating in a report on Friday, February 17th. Jefferies Group LLC raised their price target on RingCentral from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, February 27th. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $32.00 price target (up previously from $29.00) on shares of RingCentral in a report on Thursday, April 6th. Finally, CIBC raised their price target on RingCentral from $29.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, April 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the stock. RingCentral currently has an average rating of “Buy” and a consensus price target of $30.78. In other news, Director Mckenna Michelle sold 14,488 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $26.44, for a total value of $383,062.72. Following the transaction, the director now directly owns 10,595 shares of the company’s stock, valued at approximately $280,131.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO John H. Marlow sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $26.50, for a total value of $159,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 139,007 shares in the company, valued at $3,683,685.50. The disclosure for this sale can be found here. Insiders sold a total of 383,739 shares of company stock worth $12,486,428 over the last three months. 17.34% of the stock is owned by company insiders.

About RingCentral RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “RNG”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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