Ribbon Communications (NASDAQ:RBBN) Price Target Raised to $6.50

Ribbon Communications (NASDAQ:RBBN) had its price target upped by B. Riley from $6.00 to $6.50 in a research report report published on Thursday, Benzinga reports. B. Riley currently has a buy rating on the communications equipment provider’s stock.

Separately, StockNews.com upgraded Ribbon Communications from a hold rating to a buy rating in a research note on Saturday, March 9th.

Ribbon Communications Stock Performance

RBBN stock opened at $3.13 on Thursday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.23. The stock has a market capitalization of $537.51 million, a price-to-earnings ratio of -8.94 and a beta of 1.19. Ribbon Communications has a 1 year low of $1.78 and a 1 year high of $3.65. The stock’s fifty day moving average is $2.97 and its two-hundred day moving average is $2.69.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter, meeting 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 positive return on equity of 4.26% and a negative net margin of 7.11%. On average, research analysts predict that Ribbon Communications will post 0.18 EPS for the current year.

Insider Activity

In other news, EVP Dan Redington sold 23,964 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Dan Redington sold 23,964 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruns H. Grayson purchased 100,000 shares of the stock in a transaction dated Friday, March 15th. The shares were acquired at an average cost of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the acquisition, the director now directly owns 590,175 shares of the company’s stock, valued at approximately $1,705,605.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 103,000 shares of company stock valued at $297,720 and have sold 66,000 shares valued at $205,119. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RBBN. Paradigm Capital Management Inc. NY grew its holdings in Ribbon Communications by 6.8% during the third quarter. Paradigm Capital Management Inc. NY now owns 7,495,400 shares of the communications equipment provider’s stock worth $20,088,000 after acquiring an additional 477,047 shares during the period. Silverberg Bernstein Capital Management LLC acquired a new position in Ribbon Communications during the fourth quarter worth about $1,176,000. Victory Capital Management Inc. grew its holdings in Ribbon Communications by 1,411.5% during the third quarter. Victory Capital Management Inc. now owns 228,154 shares of the communications equipment provider’s stock worth $611,000 after acquiring an additional 213,059 shares during the period. Brandes Investment Partners LP grew its holdings in Ribbon Communications by 43.4% during the fourth quarter. Brandes Investment Partners LP now owns 640,945 shares of the communications equipment provider’s stock worth $1,859,000 after acquiring an additional 193,829 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Ribbon Communications during the fourth quarter worth about $387,000. 70.92% of the stock is owned by institutional investors and hedge funds.

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.