Ribbon Communications (NASDAQ:RBBN) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened
by Jessica Moore · The Cerbat GemShares of Ribbon Communications Inc. (NASDAQ:RBBN – Get Free Report) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $2.60 and traded as high as $3.10. Ribbon Communications shares last traded at $3.07, with a volume of 785,032 shares.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the stock. Wall Street Zen lowered shares of Ribbon Communications from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Citigroup reissued an “outperform” rating on shares of Ribbon Communications in a report on Friday, February 6th. Weiss Ratings lowered shares of Ribbon Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Rosenblatt Securities decreased their price target on shares of Ribbon Communications from $6.00 to $4.00 and set a “buy” rating for the company in a report on Friday, February 6th. Finally, B. Riley Financial reaffirmed a “neutral” rating on shares of Ribbon Communications in a report on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Ribbon Communications has a consensus rating of “Moderate Buy” and a consensus price target of $3.58.
Read Our Latest Stock Analysis on Ribbon Communications
Ribbon Communications Stock Performance
The stock has a market capitalization of $498.47 million, a P/E ratio of 16.65 and a beta of 1.31. The company’s 50-day moving average is $2.63 and its two-hundred day moving average is $2.60. The company has a current ratio of 1.37, a quick ratio of 1.09 and a debt-to-equity ratio of 0.77.
Ribbon Communications (NASDAQ:RBBN – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The communications equipment provider reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $162.61 million for the quarter, compared to the consensus estimate of $163.43 million. Ribbon Communications had a net margin of 3.80% and a return on equity of 24.14%. Ribbon Communications’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) EPS. As a group, sell-side analysts anticipate that Ribbon Communications Inc. will post 0.02 EPS for the current fiscal year.
Institutional Trading of Ribbon Communications
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Ribbon Communications by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 7,691,070 shares of the communications equipment provider’s stock worth $29,226,000 after buying an additional 166,683 shares in the last quarter. Royce & Associates LP raised its position in shares of Ribbon Communications by 7.2% during the 4th quarter. Royce & Associates LP now owns 4,614,741 shares of the communications equipment provider’s stock worth $13,290,000 after buying an additional 309,271 shares in the last quarter. State Street Corp raised its position in shares of Ribbon Communications by 0.3% during the 4th quarter. State Street Corp now owns 2,099,793 shares of the communications equipment provider’s stock worth $6,047,000 after buying an additional 5,280 shares in the last quarter. First Wilshire Securities Management Inc. raised its position in shares of Ribbon Communications by 11.0% during the 1st quarter. First Wilshire Securities Management Inc. now owns 1,407,178 shares of the communications equipment provider’s stock worth $2,983,000 after buying an additional 139,592 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Ribbon Communications by 18.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,216,876 shares of the communications equipment provider’s stock worth $2,580,000 after buying an additional 187,160 shares in the last quarter. 70.92% of the stock is currently owned by institutional investors.
About Ribbon Communications
Ribbon Communications Inc is a global provider of real-time communications software and network solutions for service providers and enterprises. The company’s offerings address the full life cycle of voice, video and data transmission across fixed, mobile and cloud environments. Ribbon’s technology portfolio is designed to enable secure, intelligent and interoperable communications in applications such as unified communications, contact centers, wholesale VoIP interconnect and next-generation 5G networks.
Ribbon’s product suite includes session border controllers (SBCs), which secure and interwork IP voice and multimedia sessions; Diameter signaling controllers for 4G/5G policy and charging control; network edge virtualization platforms; and analytics engines for service assurance and fraud management.