Hsbc Holdings PLC Reduces Holdings in Ribbon Communications Inc. (NASDAQ:RBBN)

Hsbc Holdings PLC trimmed its holdings in shares of Ribbon Communications Inc. (NASDAQ:RBBN – Get Rating) by 22.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,805 shares of the communications equipment provider’s stock after selling 4,347 shares during the period. Hsbc Holdings PLC’s holdings in Ribbon Communications were worth $34,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RBBN. Brandes Investment Partners LP grew its stake in Ribbon Communications by 20.7% in the 3rd quarter. Brandes Investment Partners LP now owns 292,443 shares of the communications equipment provider’s stock worth $649,000 after acquiring an additional 50,114 shares during the period. Counterpoint Mutual Funds LLC purchased a new stake in Ribbon Communications in the 3rd quarter worth approximately $83,000. Federated Hermes Inc. grew its stake in Ribbon Communications by 13.1% in the 2nd quarter. Federated Hermes Inc. now owns 1,462,123 shares of the communications equipment provider’s stock worth $4,446,000 after acquiring an additional 168,910 shares during the period. Herald Investment Management Ltd grew its stake in Ribbon Communications by 30.1% in the 3rd quarter. Herald Investment Management Ltd now owns 1,415,869 shares of the communications equipment provider’s stock worth $3,142,000 after acquiring an additional 327,869 shares during the period. Finally, Dfpg Investments LLC purchased a new stake in Ribbon Communications in the 3rd quarter worth approximately $142,000. 86.72% of the stock is owned by hedge funds and other institutional investors.

Ribbon Communications Stock Performance

NASDAQ:RBBN opened at $4.25 on Monday. The company has a current ratio of 1.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $714.51 million, a price-to-earnings ratio of -6.34 and a beta of 1.08. The firm’s fifty day simple moving average is $3.67 and its 200 day simple moving average is $3.05. Ribbon Communications Inc. has a twelve month low of $2.19 and a twelve month high of $4.84.

Analyst Ratings Changes

Several analysts have recently issued reports on RBBN shares. StockNews.com raised shares of Ribbon Communications from a “hold” rating to a “buy” rating in a research note on Friday, February 17th. Westpark Capital raised shares of Ribbon Communications from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Monday, January 23rd. TheStreet raised shares of Ribbon Communications from a “d+” rating to a “c-” rating in a research note on Thursday, February 16th. Finally, B. Riley boosted their price objective on shares of Ribbon Communications from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Thursday, February 16th.

Ribbon Communications Company Profile

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Ribbon Communications, Inc delivers communications software, IP and optical networking solutions to service providers, enterprises, and infrastructure sectors. It operates through the following segments: Cloud & Edge and IP Optical Networks. The Cloud and Edge segment provides secure and reliable software and hardware products, solutions, and services for enabling Voice over Internet Protocol (VoIP) communications, Voice over Long-Term Evolution (VoLTE) and Voice Over 5G (VoNR) communications, and Unified Communications and Collaboration (UC&C) within service provider and enterprise networks and from the cloud.