Ribbon Communications (NASDAQ:RBBN) Trading 4.3% Higher on Analyst Upgrade

Ribbon Communications Inc. (NASDAQ:RBBN)’s share price rose 4.3% on Thursday after B. Riley raised their price target on the stock from $6.00 to $6.50. B. Riley currently has a buy rating on the stock. Ribbon Communications traded as high as $3.58 and last traded at $3.39. Approximately 697,377 shares changed hands during trading, an increase of 60% from the average daily volume of 436,820 shares. The stock had previously closed at $3.25.

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

Insider Activity at Ribbon Communications

In other Ribbon Communications news, Director Bruns H. Grayson bought 100,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were acquired at an average price of $2.89 per share, with a total value of $289,000.00. Following the completion of the purchase, the director now directly owns 590,175 shares in the company, valued at approximately $1,705,605.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Dan Redington sold 34,452 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $3.10, for a total transaction of $106,801.20. Following the sale, the executive vice president now directly owns 66,839 shares of the company’s stock, valued at $207,200.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruns H. Grayson purchased 100,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were bought at an average cost of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the purchase, the director now directly owns 590,175 shares of the company’s stock, valued at $1,705,605.75. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 103,000 shares of company stock valued at $297,720 and have sold 66,000 shares valued at $205,119. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Ribbon Communications

Hedge funds have recently modified their holdings of the stock. Silverberg Bernstein Capital Management LLC bought a new stake in shares of Ribbon Communications during the fourth quarter valued at approximately $1,176,000. Assenagon Asset Management S.A. bought a new position in Ribbon Communications in the fourth quarter valued at approximately $387,000. New York State Common Retirement Fund boosted its stake in Ribbon Communications by 22.0% in the third quarter. New York State Common Retirement Fund now owns 39,646 shares of the communications equipment provider’s stock valued at $106,000 after acquiring an additional 7,146 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Ribbon Communications by 1,411.5% in the third quarter. Victory Capital Management Inc. now owns 228,154 shares of the communications equipment provider’s stock valued at $611,000 after acquiring an additional 213,059 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY boosted its stake in Ribbon Communications by 6.8% in the third quarter. Paradigm Capital Management Inc. NY now owns 7,495,400 shares of the communications equipment provider’s stock valued at $20,088,000 after acquiring an additional 477,047 shares during the last quarter. 70.92% of the stock is owned by institutional investors.

Ribbon Communications Trading Down 0.3 %

The business’s 50 day simple moving average is $2.98 and its 200-day simple moving average is $2.69. The stock has a market capitalization of $556.41 million, a P/E ratio of -8.10 and a beta of 1.19. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.23 and a quick ratio of 1.00.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.10. The company had revenue of $226.40 million for the quarter, compared to analysts’ expectations of $233.63 million. Ribbon Communications had a negative net margin of 8.01% and a positive return on equity of 3.53%. As a group, analysts forecast that Ribbon Communications Inc. will post 0.18 EPS for the current year.

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