Ribbon Communications Inc. (NASDAQ:RBBN – Get Free Report)’s stock price rose 4.3% on Thursday after B. Riley raised their price target on the stock from $6.00 to $6.50. B. Riley currently has a buy rating on the stock. Ribbon Communications traded as high as $3.58 and last traded at $3.39. Approximately 697,377 shares changed hands during trading, an increase of 60% from the average daily volume of 436,820 shares. The stock had previously closed at $3.25.
Separately, StockNews.com raised Ribbon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th.
Get Our Latest Research Report on RBBN
Insider Transactions at Ribbon Communications
Institutional Trading of Ribbon Communications
Institutional investors have recently modified their holdings of the stock. SG Capital Management LLC raised its holdings in shares of Ribbon Communications by 5.3% during the 4th quarter. SG Capital Management LLC now owns 88,110 shares of the communications equipment provider’s stock worth $256,000 after buying an additional 4,449 shares in the last quarter. Qtron Investments LLC raised its holdings in shares of Ribbon Communications by 64.1% during the 3rd quarter. Qtron Investments LLC now owns 17,986 shares of the communications equipment provider’s stock worth $48,000 after buying an additional 7,025 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Ribbon Communications by 22.0% in the 3rd quarter. New York State Common Retirement Fund now owns 39,646 shares of the communications equipment provider’s stock worth $106,000 after purchasing an additional 7,146 shares in the last quarter. Federated Hermes Inc. increased its holdings in Ribbon Communications by 2.1% in the 4th quarter. Federated Hermes Inc. now owns 425,621 shares of the communications equipment provider’s stock worth $1,234,000 after purchasing an additional 8,671 shares in the last quarter. Finally, Worth Venture Partners LLC increased its holdings in Ribbon Communications by 15.2% in the 3rd quarter. Worth Venture Partners LLC now owns 67,588 shares of the communications equipment provider’s stock worth $181,000 after purchasing an additional 8,917 shares in the last quarter. 70.92% of the stock is currently owned by institutional investors.
Ribbon Communications Trading Down 3.4 %
The business has a fifty day simple moving average of $2.97 and a 200-day simple moving average of $2.69. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.23. The firm has a market cap of $537.51 million, a price-to-earnings ratio of -8.94 and a beta of 1.19.
Ribbon Communications (NASDAQ:RBBN – Get Free Report) last issued its earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. Ribbon Communications had a positive return on equity of 4.26% and a negative net margin of 7.11%. The business had revenue of $226.40 million during the quarter, compared to analysts’ expectations of $233.63 million. As a group, equities analysts forecast that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.
About Ribbon Communications
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, solutions, and services for voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications, and unified communications and collaboration.
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