NewEdge Wealth LLC Takes $40,000 Position in Ribbon Communications Inc. (NASDAQ:RBBN)

NewEdge Wealth LLC purchased a new stake in shares of Ribbon Communications Inc. (NASDAQ:RBBN) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 13,803 shares of the communications equipment provider’s stock, valued at approximately $40,000.

A number of other hedge funds have also recently made changes to their positions in RBBN. Neuberger Berman Group LLC grew its position in shares of Ribbon Communications by 284.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 13,570,773 shares of the communications equipment provider’s stock valued at $30,155,000 after purchasing an additional 10,039,284 shares in the last quarter. Federated Hermes Inc. grew its position in Ribbon Communications by 129,321,200.0% in the first quarter. Federated Hermes Inc. now owns 1,293,213 shares of the communications equipment provider’s stock worth $3,997,000 after acquiring an additional 1,293,212 shares in the last quarter. BlackRock Inc. grew its position in Ribbon Communications by 18.0% in the second quarter. BlackRock Inc. now owns 7,208,048 shares of the communications equipment provider’s stock worth $20,110,000 after acquiring an additional 1,098,904 shares in the last quarter. First Trust Advisors LP grew its position in Ribbon Communications by 60.5% in the first quarter. First Trust Advisors LP now owns 2,444,168 shares of the communications equipment provider’s stock worth $7,552,000 after acquiring an additional 921,186 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Ribbon Communications by 14.8% in the second quarter. Dimensional Fund Advisors LP now owns 4,552,971 shares of the communications equipment provider’s stock worth $12,702,000 after acquiring an additional 585,999 shares in the last quarter. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Bruns H. Grayson acquired 100,000 shares of the stock in a transaction dated Friday, March 15th. The stock was purchased at an average cost of $2.89 per share, with a total value of $289,000.00. Following the completion of the purchase, the director now owns 590,175 shares in the company, valued at approximately $1,705,605.75. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Bruns H. Grayson acquired 100,000 shares of the stock in a transaction dated Friday, March 15th. The stock was purchased at an average cost of $2.89 per share, with a total value of $289,000.00. Following the completion of the purchase, the director now owns 590,175 shares in the company, valued at approximately $1,705,605.75. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Dan Redington sold 23,964 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $3.09, for a total transaction of $74,048.76. Following the transaction, the executive vice president now directly owns 101,291 shares of the company’s stock, valued at $312,989.19. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 103,000 shares of company stock valued at $297,720 and sold 66,000 shares valued at $205,119. Insiders own 1.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Ribbon Communications from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th.

Ribbon Communications Price Performance

Ribbon Communications stock opened at $2.58 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.23 and a quick ratio of 1.00. The firm has a fifty day simple moving average of $3.03 and a two-hundred day simple moving average of $2.68. Ribbon Communications Inc. has a twelve month low of $1.78 and a twelve month high of $3.65.

Ribbon Communications (NASDAQ:RBBN) last posted its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The business had revenue of $226.40 million during the quarter, compared to the consensus estimate of $233.63 million. Ribbon Communications had a negative net margin of 8.01% and a positive return on equity of 3.53%. On average, research analysts predict that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.

Ribbon Communications Company Profile

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.