Bank of America Corp DE Has $481,000 Stock Position in Ribbon Communications Inc. (NASDAQ:RBBN)

Bank of America Corp DE increased its stake in shares of Ribbon Communications Inc. (NASDAQ:RBBN) by 18.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,654 shares of the communications equipment provider’s stock after buying an additional 17,763 shares during the quarter. Bank of America Corp DE owned about 0.07% of Ribbon Communications worth $481,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Ameriprise Financial Inc. boosted its holdings in shares of Ribbon Communications by 2.7% in the 4th quarter. Ameriprise Financial Inc. now owns 136,621 shares of the communications equipment provider’s stock valued at $568,000 after purchasing an additional 3,622 shares in the last quarter. Northern Trust Corp raised its position in shares of Ribbon Communications by 7.3% during the fourth quarter. Northern Trust Corp now owns 828,163 shares of the communications equipment provider’s stock worth $3,445,000 after acquiring an additional 56,461 shares during the last quarter. Boothbay Fund Management LLC raised its stake in Ribbon Communications by 11.6% during the fourth quarter. Boothbay Fund Management LLC now owns 131,498 shares of the communications equipment provider’s stock worth $547,000 after buying an additional 13,657 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Ribbon Communications during the fourth quarter worth approximately $89,000. Finally, Penn Capital Management Company LLC bought a new stake in shares of Ribbon Communications in the 4th quarter valued at $56,000. Institutional investors and hedge funds own 70.92% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on RBBN shares. JMP Securities reiterated a “market outperform” rating and issued a $6.00 price target on shares of Ribbon Communications in a report on Thursday, February 13th. B. Riley dropped their price target on Ribbon Communications from $7.50 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Wall Street Zen cut shares of Ribbon Communications from a “buy” rating to a “hold” rating in a report on Friday, May 2nd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $5.50 target price on shares of Ribbon Communications in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $5.88.

Ribbon Communications Trading Down 1.8%

Shares of RBBN opened at $3.91 on Thursday. The firm’s 50 day simple moving average is $3.51 and its 200 day simple moving average is $3.92. The company has a market capitalization of $690.29 million, a P/E ratio of -12.22 and a beta of 1.32. Ribbon Communications Inc. has a 1-year low of $2.75 and a 1-year high of $5.38. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.42 and a quick ratio of 1.16.

Ribbon Communications (NASDAQ:RBBN) last released its earnings results on Tuesday, April 29th. The communications equipment provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). Ribbon Communications had a positive return on equity of 7.36% and a negative net margin of 6.50%. The firm had revenue of $181.28 million during the quarter, compared to the consensus estimate of $191.66 million. During the same quarter in the previous year, the firm earned ($0.01) EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts forecast 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.