Ribbon Communications (NASDAQ:RBBN) Releases Earnings Results, Beats Estimates By $0.03 EPS

Ribbon Communications (NASDAQ:RBBNGet Rating) announced its quarterly earnings data on Wednesday. The communications equipment provider reported ($0.08) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.03, MarketWatch Earnings reports. Ribbon Communications had a positive return on equity of 2.76% and a negative net margin of 24.53%.

Shares of RBBN traded up $0.15 during mid-day trading on Friday, hitting $3.45. 639,425 shares of the company’s stock traded hands, compared to its average volume of 237,553. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.40 and a quick ratio of 1.24. The business’s 50-day moving average price is $3.12 and its 200-day moving average price is $4.69. Ribbon Communications has a 1 year low of $2.74 and a 1 year high of $8.31.

In other Ribbon Communications news, Director Bruns H. Grayson acquired 100,000 shares of the company’s stock in a transaction that occurred on Monday, March 14th. The stock was bought at an average price of $2.81 per share, for a total transaction of $281,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Bruce William Mcclelland acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, March 14th. The shares were acquired at an average price of $2.81 per share, with a total value of $42,150.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 118,000 shares of company stock valued at $332,060. 1.77% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of RBBN. BlackRock Inc. raised its position in Ribbon Communications by 2.1% during the 4th quarter. BlackRock Inc. now owns 6,569,239 shares of the communications equipment provider’s stock valued at $39,744,000 after purchasing an additional 138,234 shares in the last quarter. Barclays PLC raised its position in Ribbon Communications by 148.6% during the 4th quarter. Barclays PLC now owns 107,794 shares of the communications equipment provider’s stock valued at $653,000 after purchasing an additional 64,433 shares in the last quarter. D. E. Shaw & Co. Inc. raised its position in Ribbon Communications by 15.0% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 467,891 shares of the communications equipment provider’s stock valued at $2,831,000 after purchasing an additional 60,973 shares in the last quarter. Morgan Stanley raised its position in Ribbon Communications by 81.9% during the 3rd quarter. Morgan Stanley now owns 121,714 shares of the communications equipment provider’s stock valued at $728,000 after purchasing an additional 54,808 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in Ribbon Communications during the 4th quarter valued at $295,000. 65.09% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have commented on RBBN. StockNews.com began coverage on Ribbon Communications in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. B. Riley decreased their price target on Ribbon Communications from $8.00 to $7.00 in a research note on Thursday. Northland Securities decreased their price target on Ribbon Communications from $10.00 to $6.50 in a research note on Thursday, February 17th. TheStreet cut Ribbon Communications from a “c” rating to a “d” rating in a research note on Friday, February 18th. Finally, Zacks Investment Research raised Ribbon Communications from a “strong sell” rating to a “hold” rating in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Ribbon Communications presently has a consensus rating of “Buy” and a consensus price target of $7.08.

About Ribbon Communications (Get Rating)

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; and solutions and services for enabling voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications and unified communications and collaboration.

See Also

Earnings History for Ribbon Communications (NASDAQ:RBBN)

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