Ribbon Communications (NASDAQ:RBBN) Trading Up 4.4% – Here’s What Happened

Shares of Ribbon Communications Inc. (NASDAQ:RBBN) traded up 4.4% during trading on Thursday . The stock traded as high as $3.53 and last traded at $3.53. 210,929 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 362,628 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

Separately, Rosenblatt Securities reissued a “buy” rating and set a $5.00 price objective on shares of Ribbon Communications in a report on Wednesday, September 25th.

Ribbon Communications Stock Down 4.2 %

The company has a market cap of $595.15 million, a P/E ratio of -10.66 and a beta of 1.09. The business’s 50 day moving average price is $3.18 and its 200-day moving average price is $3.16. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.48 and a quick ratio of 1.19.

Ribbon Communications (NASDAQ:RBBN) last announced its earnings results on Wednesday, July 24th. The communications equipment provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Ribbon Communications had a negative net margin of 6.68% and a positive return on equity of 5.32%. The business had revenue of $192.62 million during the quarter, compared to analyst estimates of $203.05 million. During the same quarter last year, the business posted $0.01 earnings per share. On average, analysts anticipate that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Panagora Asset Management Inc. lifted its stake in shares of Ribbon Communications by 2.4% during the second quarter. Panagora Asset Management Inc. now owns 195,509 shares of the communications equipment provider’s stock valued at $643,000 after acquiring an additional 4,553 shares during the period. XTX Topco Ltd lifted its position in Ribbon Communications by 6.3% during the 2nd quarter. XTX Topco Ltd now owns 79,802 shares of the communications equipment provider’s stock valued at $263,000 after purchasing an additional 4,746 shares during the period. Rhumbline Advisers boosted its stake in shares of Ribbon Communications by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 152,619 shares of the communications equipment provider’s stock valued at $502,000 after purchasing an additional 6,668 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its stake in shares of Ribbon Communications by 7.1% during the first quarter. Pacific Ridge Capital Partners LLC now owns 148,591 shares of the communications equipment provider’s stock worth $475,000 after buying an additional 9,822 shares during the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Ribbon Communications during the first quarter worth approximately $32,000. 70.92% of the stock is currently owned by institutional investors.

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.