Ribbon Communications (NASDAQ:RBBN) Price Target Increased to $6.50 by Analysts at B. Riley

Ribbon Communications (NASDAQ:RBBN) had its target price lifted by B. Riley from $6.00 to $6.50 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

Separately, StockNews.com upgraded shares of Ribbon Communications from a hold rating to a buy rating in a research note on Saturday, March 9th.

Ribbon Communications Stock Down 3.4 %

NASDAQ:RBBN traded down $0.11 during midday trading on Thursday, reaching $3.13. 380,811 shares of the stock traded hands, compared to its average volume of 446,994. Ribbon Communications has a 12-month low of $1.78 and a 12-month high of $3.65. The business has a 50-day moving average of $2.98 and a two-hundred day moving average of $2.69. 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 stock has a market capitalization of $537.51 million, a PE ratio of -8.91 and a beta of 1.19.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. Ribbon Communications had a negative net margin of 7.11% and a positive return on equity of 4.26%. The company had revenue of $226.40 million during the quarter, compared to analysts’ expectations of $233.63 million. On average, equities analysts forecast that Ribbon Communications will post 0.18 earnings per share for the current fiscal year.

Insider Transactions at Ribbon Communications

In other Ribbon Communications news, Director Bruns H. Grayson acquired 100,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average price of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the purchase, the director now directly owns 590,175 shares of the company’s stock, valued at $1,705,605.75. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Ribbon Communications news, Director Bruns H. Grayson acquired 100,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were purchased at an average price of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the purchase, the director now directly owns 590,175 shares of the company’s stock, valued at $1,705,605.75. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Dan Redington sold 34,452 shares of the firm’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 owns 66,839 shares in the company, valued at approximately $207,200.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 103,000 shares of company stock worth $297,720 and have sold 66,000 shares worth $205,119. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Ribbon Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Capital Management LLC lifted its holdings in Ribbon Communications by 5.3% during the fourth quarter. SG Capital Management LLC now owns 88,110 shares of the communications equipment provider’s stock valued at $256,000 after purchasing an additional 4,449 shares in the last quarter. Qtron Investments LLC lifted its holdings in Ribbon Communications by 64.1% during the third quarter. Qtron Investments LLC now owns 17,986 shares of the communications equipment provider’s stock valued at $48,000 after purchasing an additional 7,025 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Ribbon Communications by 22.0% during the third quarter. New York State Common Retirement Fund now owns 39,646 shares of the communications equipment provider’s stock valued at $106,000 after purchasing an additional 7,146 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Ribbon Communications by 2.1% during the fourth quarter. Federated Hermes Inc. now owns 425,621 shares of the communications equipment provider’s stock valued at $1,234,000 after purchasing an additional 8,671 shares in the last quarter. Finally, Worth Venture Partners LLC lifted its holdings in Ribbon Communications by 15.2% during the third quarter. Worth Venture Partners LLC now owns 67,588 shares of the communications equipment provider’s stock valued at $181,000 after purchasing an additional 8,917 shares in the last quarter. 70.92% of the stock is owned by hedge funds and other 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.