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

Ribbon Communications Inc. (NASDAQ:RBBN) shares gapped up before the market opened 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.

Analysts Set New Price Targets

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

Ribbon Communications Trading Up 31.5 %

The company has a market capitalization of $580.45 million, a P/E ratio of -8.10 and a beta of 1.19. The business has a fifty day moving average of $2.98 and a 200-day moving average of $2.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.23.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. The business had revenue of $226.40 million during the quarter, compared to the consensus estimate of $233.63 million. Ribbon Communications had a positive return on equity of 3.53% and a negative net margin of 8.01%. Analysts anticipate that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Ribbon Communications

In related news, Director Bruns H. Grayson acquired 100,000 shares of the stock in a transaction on Friday, March 15th. The shares were acquired at an average price 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 in the company, valued at approximately $1,705,605.75. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 bought 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dan Redington sold 34,452 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $3.10, for a total transaction 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 disclosure for this sale can be found here. In the last quarter, insiders acquired 103,000 shares of company stock worth $297,720 and sold 66,000 shares worth $205,119. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Ribbon Communications

A number of institutional investors have recently made changes to their positions in RBBN. Paradigm Capital Management Inc. NY grew its position in 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 in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ribbon Communications by 0.5% in the 3rd quarter. Vanguard Group Inc. now owns 6,862,311 shares of the communications equipment provider’s stock worth $18,391,000 after purchasing an additional 35,132 shares in the last quarter. Brandes Investment Partners LP increased its position in shares of 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 valued at $1,859,000 after purchasing an additional 193,829 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Ribbon Communications by 2.1% during the 4th quarter. Federated Hermes Inc. now owns 425,621 shares of the communications equipment provider’s stock valued at $1,234,000 after buying an additional 8,671 shares in the last quarter. Finally, Silverberg Bernstein Capital Management LLC bought a new stake in Ribbon Communications in the 4th quarter worth approximately $1,176,000. Institutional investors own 70.92% of the company’s stock.

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.