Ribbon Communications (NASDAQ:RBBN) Downgraded to “Hold” at Zacks Investment Research

Posted by on Jun 7th, 2022

Ribbon Communications (NASDAQ:RBBN – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Ribbon Communications Inc. develops communication software. It provides session border controllers, diameter signals, policy and routing servers, media and signaling gateways, cloud and mobility solutions. Ribbon Communications Inc., formerly known as Sonus Networks Inc., is headquartered in Westford, Massachusetts. “

Several other equities analysts also recently weighed in on RBBN. Northland Securities dropped their target price on Ribbon Communications from $10.00 to $6.50 in a research report on Thursday, February 17th. StockNews.com assumed coverage on Ribbon Communications in a research report on Thursday, March 31st. They issued a “hold” rating for the company. TheStreet downgraded Ribbon Communications from a “c” rating to a “d” rating in a research report on Friday, February 18th. Finally, B. Riley dropped their target price on Ribbon Communications from $8.00 to $7.00 in a research report on Thursday, April 28th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $5.58.

Shares of RBBN opened at $2.95 on Tuesday. The firm has a market cap of $442.91 million, a P/E ratio of -2.15 and a beta of 1.03. Ribbon Communications has a 12-month low of $2.58 and a 12-month high of $8.31. The company’s 50-day moving average price is $3.07 and its 200 day moving average price is $4.12. The company has a current ratio of 1.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.70.

Ribbon Communications (NASDAQ:RBBN – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The communications equipment provider reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The firm had revenue of $173.20 million for the quarter, compared to analyst estimates of $172.50 million. Ribbon Communications had a negative net margin of 24.53% and a positive return on equity of 2.76%. Equities research analysts forecast that Ribbon Communications will post 0.19 earnings per share for the current year.

In other news, Director Bruns H. Grayson acquired 100,000 shares of Ribbon Communications stock in a transaction on Monday, March 14th. The stock was bought at an average price of $2.81 per share, for a total transaction of $281,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Bruce William Mcclelland acquired 15,000 shares of Ribbon Communications stock in a transaction on Monday, March 14th. The stock was purchased at an average price of $2.81 per share, with a total value of $42,150.00. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 118,000 shares of company stock valued at $332,060. Corporate insiders own 1.77% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC purchased a new stake in Ribbon Communications in the fourth quarter valued at approximately $89,000. Geode Capital Management LLC lifted its stake in Ribbon Communications by 2.1% in the third quarter. Geode Capital Management LLC now owns 1,705,691 shares of the communications equipment provider’s stock valued at $10,200,000 after buying an additional 35,117 shares during the last quarter. Barclays PLC lifted its stake in Ribbon Communications by 242.9% in the third quarter. Barclays PLC now owns 43,361 shares of the communications equipment provider’s stock valued at $259,000 after buying an additional 30,716 shares during the last quarter. Penserra Capital Management LLC raised its stake in shares of Ribbon Communications by 1.6% during the third quarter. Penserra Capital Management LLC now owns 806,280 shares of the communications equipment provider’s stock worth $4,821,000 after purchasing an additional 12,479 shares during the last quarter. Finally, Koss Olinger Consulting LLC purchased a new stake in shares of Ribbon Communications during the fourth quarter worth approximately $74,000. Institutional investors own 66.08% of the company’s stock.

About Ribbon Communications (Get Rating)

Ribbon Communications Inc provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud and Edge, and IP Optical Networks. The Cloud and Edge segment provides software and hardware products; and solutions and services for enabling voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications and unified communications and collaboration.

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