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

Ribbon Communications (NASDAQ:RBBN) had its price objective increased by stock analysts at B. Riley from $6.00 to $6.50 in a report released on Thursday, Benzinga reports. The firm presently has a “buy” rating on the communications equipment provider’s stock. B. Riley’s price objective would suggest a potential upside of 96.37% from the company’s current price.

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

Ribbon Communications Stock Performance

Shares of Ribbon Communications stock traded up $0.06 on Thursday, reaching $3.31. 925,432 shares of the company were exchanged, compared to its average volume of 440,574. 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 company’s 50-day moving average is $2.98 and its two-hundred day moving average is $2.68. The firm has a market cap of $568.43 million, a price-to-earnings ratio of -8.28 and a beta of 1.19. Ribbon Communications has a 1-year low of $1.78 and a 1-year high of $3.65.

Ribbon Communications (NASDAQ:RBBN) last posted its quarterly earnings data 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 company had revenue of $226.40 million for the quarter, compared to the consensus estimate of $233.63 million. As a group, research analysts expect that Ribbon Communications will post 0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ribbon Communications news, Director Bruns H. Grayson acquired 100,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was acquired at an average price of $2.89 per share, with a total value of $289,000.00. Following the transaction, the director now owns 590,175 shares of the company’s stock, valued at $1,705,605.75. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Ribbon Communications news, EVP Dan Redington sold 34,452 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 66,839 shares of the company’s stock, valued at approximately $207,200.90. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruns H. Grayson purchased 100,000 shares of the business’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 acquisition, the director now owns 590,175 shares in the company, valued at $1,705,605.75. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 103,000 shares of company stock valued at $297,720 and sold 66,000 shares valued at $205,119. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Ribbon Communications

Large investors have recently modified their holdings of the stock. Paradigm Capital Management Inc. NY grew its position in 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 during the last quarter. Silverberg Bernstein Capital Management LLC acquired a new position in Ribbon Communications during the 4th quarter worth $1,176,000. Victory Capital Management Inc. lifted its holdings in 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 buying an additional 213,059 shares in the last quarter. Brandes Investment Partners LP lifted its holdings in Ribbon Communications by 43.4% during the 4th quarter. Brandes Investment Partners LP now owns 640,945 shares of the communications equipment provider’s stock worth $1,859,000 after buying an additional 193,829 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Ribbon Communications during the 4th quarter worth $387,000. 70.92% of the stock is currently owned by institutional investors.

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.