Assenagon Asset Management S.A. lessened its stake in Ribbon Communications Inc. (NASDAQ:RBBN – Free Report) by 6.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 120,954 shares of the communications equipment provider’s stock after selling 9,030 shares during the period. Assenagon Asset Management S.A.’s holdings in Ribbon Communications were worth $503,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. increased its stake in shares of Ribbon Communications by 59.4% during the third quarter. Victory Capital Management Inc. now owns 504,503 shares of the communications equipment provider’s stock valued at $1,640,000 after acquiring an additional 188,077 shares during the period. Barclays PLC boosted its stake in Ribbon Communications by 153.4% during the 3rd quarter. Barclays PLC now owns 170,110 shares of the communications equipment provider’s stock valued at $553,000 after purchasing an additional 102,969 shares in the last quarter. Royce & Associates LP boosted its stake in Ribbon Communications by 18.0% during the 3rd quarter. Royce & Associates LP now owns 2,536,278 shares of the communications equipment provider’s stock valued at $8,243,000 after purchasing an additional 386,518 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ribbon Communications by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,779,416 shares of the communications equipment provider’s stock valued at $19,012,000 after purchasing an additional 270,972 shares during the period. Finally, State Street Corp raised its stake in shares of Ribbon Communications by 0.4% in the 3rd quarter. State Street Corp now owns 1,898,714 shares of the communications equipment provider’s stock worth $6,171,000 after buying an additional 7,963 shares in the last quarter. Institutional investors and hedge funds own 70.92% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on RBBN shares. Northland Securities upped their price target on shares of Ribbon Communications from $5.50 to $6.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and issued a $5.50 price target on shares of Ribbon Communications in a research report on Monday, December 30th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.00.
Ribbon Communications Trading Down 2.1 %
Shares of NASDAQ:RBBN opened at $4.11 on Friday. The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $720.81 million, a PE ratio of -12.84 and a beta of 1.12. Ribbon Communications Inc. has a 1 year low of $2.46 and a 1 year high of $4.39. The firm has a fifty day moving average price of $4.01 and a 200 day moving average price of $3.59.
Ribbon Communications (NASDAQ:RBBN – Get Free Report) last posted its earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Ribbon Communications had a positive return on equity of 5.41% and a negative net margin of 6.62%. The company had revenue of $210.00 million during the quarter, compared to analyst estimates of $212.17 million. During the same quarter last year, the firm posted $0.03 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts expect that Ribbon Communications Inc. will post 0.13 EPS 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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