Ribbon Communications (NASDAQ:RBBN) Shares Gap Up to $2.57

Ribbon Communications Inc. (NASDAQ:RBBN) gapped up prior to trading on Wednesday . The stock had previously closed at $2.57, but opened at $2.90. Ribbon Communications shares last traded at $3.11, with a volume of 1,025,098 shares changing hands.

Analyst Ratings Changes

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 Stock Up 31.5 %

The company has a market cap of $580.45 million, a PE ratio of -8.10 and a beta of 1.19. The business has a fifty day simple moving average of $2.98 and a two-hundred day simple moving average of $2.68. The company has a current ratio of 1.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

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 analysts’ consensus estimates of $0.10. The firm had revenue of $226.40 million for the quarter, compared to analyst estimates 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, equities research analysts predict that Ribbon Communications Inc. will post 0.18 earnings per share for the current year.

Insiders Place Their Bets

In other Ribbon Communications news, EVP Dan Redington sold 34,452 shares of Ribbon Communications stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $3.10, for a total transaction of $106,801.20. Following the transaction, the executive vice president now directly owns 66,839 shares of the company’s stock, valued at $207,200.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Dan Redington sold 34,452 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $3.10, for a total value of $106,801.20. Following the sale, the executive vice president now directly owns 66,839 shares in the company, valued at approximately $207,200.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Bruns H. Grayson bought 100,000 shares of the stock in a transaction on Friday, March 15th. The shares were bought at an average cost of $2.89 per share, with a total value of $289,000.00. Following the purchase, the director now 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 90 days, insiders have purchased 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 corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RBBN. Silverberg Bernstein Capital Management LLC purchased a new position in Ribbon Communications in the fourth quarter worth approximately $1,176,000. Assenagon Asset Management S.A. acquired a new stake in Ribbon Communications in the fourth quarter valued at $387,000. New York State Common Retirement Fund lifted its holdings in Ribbon Communications by 22.0% during the 3rd quarter. New York State Common Retirement Fund now owns 39,646 shares of the communications equipment provider’s stock worth $106,000 after buying an additional 7,146 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Ribbon Communications by 1,411.5% during the 3rd 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 in the last quarter. Finally, Paradigm Capital Management Inc. NY raised its position in shares of Ribbon Communications by 6.8% during the 3rd 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 in the last quarter. 70.92% of the stock is owned by institutional investors and hedge funds.

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.