Ribbon Communications (NASDAQ:RBBN) Shares Up 10.4% – Here’s What Happened
by Renee Jackson · The Cerbat GemRibbon Communications Inc. (NASDAQ:RBBN – Get Free Report)’s share price shot up 10.4% during trading on Wednesday . The company traded as high as $3.13 and last traded at $3.1250. 1,747,059 shares were traded during mid-day trading, an increase of 94% from the average session volume of 898,552 shares. The stock had previously closed at $2.83.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on RBBN. Wall Street Zen lowered Ribbon Communications from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. B. Riley Financial reaffirmed a “neutral” rating on shares of Ribbon Communications in a research note on Wednesday, April 29th. Northland Securities set a $4.00 price target on Ribbon Communications in a research note on Friday, February 6th. Craig Hallum reaffirmed a “buy” rating and issued a $3.00 price target on shares of Ribbon Communications in a research note on Wednesday, February 11th. Finally, Weiss Ratings lowered Ribbon Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.58.
Check Out Our Latest Report on Ribbon Communications
Ribbon Communications Price Performance
The stock has a 50 day simple moving average of $2.52 and a two-hundred day simple moving average of $2.60. The company has a market cap of $536.35 million, a price-to-earnings ratio of 17.91 and a beta of 1.26. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.37 and a quick ratio of 1.09.
Ribbon Communications (NASDAQ:RBBN – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The communications equipment provider reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $162.61 million for the quarter, compared to analyst estimates of $163.43 million. Ribbon Communications had a return on equity of 24.14% and a net margin of 3.80%.The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) earnings per share. On average, equities research analysts predict that Ribbon Communications Inc. will post 0.02 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Ribbon Communications
Large investors have recently modified their holdings of the business. State Street Corp increased its holdings in 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 purchasing an additional 5,280 shares during the period. Alliancebernstein L.P. increased its holdings in Ribbon Communications by 5.3% during the 3rd quarter. Alliancebernstein L.P. now owns 119,317 shares of the communications equipment provider’s stock worth $453,000 after purchasing an additional 6,000 shares during the period. GSA Capital Partners LLP increased its holdings in Ribbon Communications by 2.9% during the 3rd quarter. GSA Capital Partners LLP now owns 216,283 shares of the communications equipment provider’s stock worth $822,000 after purchasing an additional 6,173 shares during the period. Susquehanna Fundamental Investments LLC increased its holdings in Ribbon Communications by 65.8% during the 3rd quarter. Susquehanna Fundamental Investments LLC now owns 18,401 shares of the communications equipment provider’s stock worth $70,000 after purchasing an additional 7,301 shares during the period. Finally, First Eagle Investment Management LLC increased its holdings in Ribbon Communications by 0.8% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,033,914 shares of the communications equipment provider’s stock worth $3,929,000 after purchasing an additional 8,000 shares during the period. Institutional investors and hedge funds own 70.92% of the company’s stock.
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.