Panagora Asset Management Inc. Purchases New Holdings in Ribbon Communications Inc. (NASDAQ:RBBN)

Panagora Asset Management Inc. purchased a new stake in Ribbon Communications Inc. (NASDAQ:RBBN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 102,104 shares of the communications equipment provider’s stock, valued at approximately $296,000. Panagora Asset Management Inc. owned approximately 0.06% of Ribbon Communications as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. bought a new stake in shares of Ribbon Communications during the third quarter valued at approximately $35,000. NewEdge Wealth LLC acquired a new position in shares of Ribbon Communications in the 4th quarter valued at $40,000. Vestmark Advisory Solutions Inc. bought a new position in shares of Ribbon Communications during the 4th quarter worth about $40,000. Caxton Associates LP bought a new position in shares of Ribbon Communications during the 3rd quarter worth about $41,000. Finally, Qtron Investments LLC boosted its position 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 valued at $48,000 after acquiring an additional 7,025 shares in the last quarter. Institutional investors own 70.92% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RBBN shares. B. Riley increased their price target on shares of Ribbon Communications from $6.00 to $6.50 and gave the stock a “buy” rating in a research report on Thursday, April 25th. JMP Securities initiated coverage on Ribbon Communications in a report on Monday, April 29th. They issued a “mkt outperform” rating and a $6.00 target price for the company. Finally, StockNews.com raised Ribbon Communications from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th.

Insiders Place Their Bets

In other news, EVP Dan Redington sold 34,452 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $3.10, for a total value of $106,801.20. Following the completion of the sale, the executive vice president now directly owns 66,839 shares in the company, valued at $207,200.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Bruns H. Grayson purchased 100,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was acquired at an average price of $2.89 per share, with a total value of $289,000.00. Following the completion of the acquisition, the director now directly owns 590,175 shares in the company, valued at approximately $1,705,605.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dan Redington sold 34,452 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $3.10, for a total transaction of $106,801.20. Following the completion of the transaction, the executive vice president now owns 66,839 shares of the company’s stock, valued at approximately $207,200.90. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 103,000 shares of company stock valued at $297,720. 2.10% of the stock is currently owned by corporate insiders.

Ribbon Communications Price Performance

Shares of RBBN stock opened at $3.11 on Friday. Ribbon Communications Inc. has a 12-month low of $1.78 and a 12-month high of $3.65. The firm has a 50-day moving average price of $3.04 and a 200 day moving average price of $2.85.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Wednesday, April 24th. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The company had revenue of $179.66 million during the quarter, compared to analysts’ expectations of $184.22 million. Ribbon Communications had a negative net margin of 7.11% and a positive return on equity of 4.32%. On average, research analysts predict that Ribbon Communications Inc. will post 0.14 EPS for the current year.

Ribbon Communications Company Profile

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.