Raymond James & Associates Invests $43,000 in Ribbon Communications Inc. (NASDAQ:RBBN)

Raymond James & Associates bought a new position in Ribbon Communications Inc. (NASDAQ:RBBN) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 15,433 shares of the communications equipment provider’s stock, valued at approximately $43,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Neuberger Berman Group LLC boosted its holdings in shares of Ribbon Communications by 284.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 13,570,773 shares of the communications equipment provider’s stock worth $30,155,000 after purchasing an additional 10,039,284 shares during the period. Paradigm Capital Management Inc. NY boosted its holdings in Ribbon Communications by 1.5% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 6,678,353 shares of the communications equipment provider’s stock valued at $22,840,000 after acquiring an additional 100,453 shares during the period. BlackRock Inc. boosted its holdings in Ribbon Communications by 1.2% during the 1st quarter. BlackRock Inc. now owns 6,649,989 shares of the communications equipment provider’s stock valued at $20,549,000 after acquiring an additional 80,750 shares during the period. Vanguard Group Inc. boosted its holdings in Ribbon Communications by 5.8% during the 3rd quarter. Vanguard Group Inc. now owns 5,125,568 shares of the communications equipment provider’s stock valued at $11,379,000 after acquiring an additional 280,524 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Ribbon Communications by 3.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,966,972 shares of the communications equipment provider’s stock valued at $13,567,000 after acquiring an additional 149,207 shares during the period. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

RBBN has been the subject of a number of recent analyst reports. StockNews.com cut Ribbon Communications from a “buy” rating to a “hold” rating in a report on Friday, October 27th. B. Riley dropped their price objective on Ribbon Communications from $7.00 to $6.00 and set a “buy” rating for the company in a report on Thursday, October 26th. Finally, Craig Hallum initiated coverage on Ribbon Communications in a report on Tuesday, July 18th. They set a “buy” rating and a $5.50 price objective for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Ribbon Communications has a consensus rating of “Moderate Buy” and an average price target of $5.88.

Ribbon Communications Price Performance

Shares of RBBN stock opened at $2.04 on Wednesday. Ribbon Communications Inc. has a twelve month low of $1.78 and a twelve month high of $4.84. The stock has a market capitalization of $350.33 million, a price-to-earnings ratio of -6.38 and a beta of 1.11. The stock has a fifty day simple moving average of $2.38 and a two-hundred day simple moving average of $2.69. The company has a current ratio of 1.20, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

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; and solutions and services for enabling voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications and unified communications and collaboration.