Ribbon Communications (NASDAQ:RBBN) Shares Up 4.3% Following Analyst Upgrade

Shares of Ribbon Communications Inc. (NASDAQ:RBBN) rose 4.3% on Thursday after B. Riley raised their price target on the stock from $6.00 to $6.50. B. Riley currently has a buy rating on the stock. Ribbon Communications traded as high as $3.58 and last traded at $3.39. Approximately 697,377 shares traded hands during mid-day trading, an increase of 60% from the average daily volume of 436,820 shares. The stock had previously closed at $3.25.

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

Insider Activity at Ribbon Communications

In other Ribbon Communications news, Director Bruns H. Grayson purchased 100,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was bought at an average cost of $2.89 per share, with a total value of $289,000.00. Following the completion of the transaction, the director now owns 590,175 shares of the company’s stock, valued at approximately $1,705,605.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ribbon Communications news, EVP Dan Redington sold 34,452 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $3.10, for a total value of $106,801.20. Following the completion of the sale, the executive vice president now directly owns 66,839 shares of the company’s stock, valued at $207,200.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bruns H. Grayson bought 100,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was purchased at an average cost of $2.89 per share, with a total value of $289,000.00. Following the completion of the transaction, the director now directly 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 three months, insiders acquired 103,000 shares of company stock valued at $297,720 and sold 66,000 shares valued at $205,119. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Ribbon Communications

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

Ribbon Communications Stock Down 0.3 %

The stock has a fifty day moving average price of $2.98 and a 200 day moving average price of $2.68. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.23 and a quick ratio of 1.00. The stock has a market capitalization of $556.41 million, a P/E ratio of -8.28 and a beta of 1.19.

Ribbon Communications (NASDAQ:RBBN) last posted its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 EPS for the quarter, hitting analysts’ consensus estimates of $0.10. Ribbon Communications had a positive return on equity of 3.53% and a negative net margin of 8.01%. The firm had revenue of $226.40 million during the quarter, compared to analyst estimates of $233.63 million. On average, research analysts forecast that Ribbon Communications Inc. will post 0.18 earnings per share for the current 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.