Northern Trust Corp Increases Stock Holdings in Ribbon Communications Inc. (NASDAQ:RBBN)

Northern Trust Corp lifted its stake in shares of Ribbon Communications Inc. (NASDAQ:RBBN) by 7.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 828,163 shares of the communications equipment provider’s stock after buying an additional 56,461 shares during the quarter. Northern Trust Corp owned 0.47% of Ribbon Communications worth $3,445,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Walleye Capital LLC purchased a new stake in shares of Ribbon Communications during the 4th quarter valued at about $43,000. Polymer Capital Management US LLC purchased a new stake in shares of Ribbon Communications during the 4th quarter valued at about $55,000. Penn Capital Management Company LLC purchased a new stake in shares of Ribbon Communications during the 4th quarter valued at about $56,000. Renaissance Technologies LLC acquired a new stake in Ribbon Communications during the 4th quarter valued at approximately $59,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Ribbon Communications during the 4th quarter valued at approximately $64,000. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

Ribbon Communications Trading Down 3.3%

NASDAQ:RBBN opened at $3.51 on Friday. Ribbon Communications Inc. has a 12-month low of $2.75 and a 12-month high of $5.38. The firm has a market capitalization of $619.67 million, a P/E ratio of -10.97 and a beta of 1.36. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.42 and a quick ratio of 1.16. The business has a 50 day simple moving average of $3.59 and a 200 day simple moving average of $3.96.

Ribbon Communications (NASDAQ:RBBN) last released its quarterly earnings data on Tuesday, April 29th. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). The company had revenue of $181.28 million for the quarter, compared to analyst estimates of $191.66 million. Ribbon Communications had a negative net margin of 6.50% and a positive return on equity of 7.36%. The company’s revenue for the quarter was up .9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.01) EPS. Equities research analysts predict that Ribbon Communications Inc. will post 0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RBBN shares. Wall Street Zen lowered Ribbon Communications from a “buy” rating to a “hold” rating in a research note on Friday, May 2nd. JMP Securities restated a “market outperform” rating and set a $6.00 price objective on shares of Ribbon Communications in a research note on Thursday, February 13th. B. Riley lowered their price objective on Ribbon Communications from $7.50 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Finally, Rosenblatt Securities restated a “buy” rating and set a $5.50 price objective on shares of Ribbon Communications in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Ribbon Communications has a consensus rating of “Moderate Buy” and a consensus target price of $5.88.

Ribbon Communications 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.