Insider Buying: Ribbon Communications (NASDAQ:RBBN) CEO Buys 12,500 Shares of Stock

Ribbon Communications Inc. (NASDAQ:RBBN) CEO Bruce William Mcclelland acquired 12,500 shares of the stock in a transaction on Wednesday, February 11th. The stock was purchased at an average cost of $1.99 per share, with a total value of $24,875.00. Following the transaction, the chief executive officer directly owned 1,503,664 shares of the company’s stock, valued at $2,992,291.36. This represents a 0.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Bruce William Mcclelland also recently made the following trade(s):

• On Friday, February 13th, Bruce William Mcclelland bought 12,500 shares of Ribbon Communications stock. The stock was purchased at an average price of $1.98 per share, with a total value of $24,750.00.
• On Tuesday, February 10th, Bruce William Mcclelland purchased 12,000 shares of Ribbon Communications stock. The shares were purchased at an average cost of $2.06 per share, for a total transaction of $24,720.00.

Ribbon Communications Stock Up 7.4%

Shares of Ribbon Communications stock traded up $0.15 during trading hours on Friday, hitting $2.10. 863,087 shares of the company’s stock traded hands, compared to its average volume of 842,302. Ribbon Communications Inc. has a twelve month low of $1.80 and a twelve month high of $5.38. The company has a market cap of $369.98 million, a PE ratio of 9.52 and a beta of 1.07. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.91. The stock has a 50 day simple moving average of $2.75 and a 200-day simple moving average of $3.31.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings data on Thursday, February 5th. The communications equipment provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.48. The firm had revenue of $227.32 million during the quarter, compared to analyst estimates of $241.35 million. Ribbon Communications had a return on equity of 27.48% and a net margin of 4.69%.Ribbon Communications’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. Equities research analysts anticipate that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of Ribbon Communications

Hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP lifted its holdings in Ribbon Communications by 17.2% in the third quarter. Royce & Associates LP now owns 4,305,470 shares of the communications equipment provider’s stock worth $16,361,000 after purchasing an additional 633,035 shares during the period. Cinctive Capital Management LP bought a new stake in shares of Ribbon Communications during the 3rd quarter worth about $1,991,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Ribbon Communications by 99.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 964,446 shares of the communications equipment provider’s stock worth $3,665,000 after acquiring an additional 481,276 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Ribbon Communications by 85.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 787,493 shares of the communications equipment provider’s stock valued at $2,268,000 after acquiring an additional 363,334 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Ribbon Communications by 24.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,476,053 shares of the communications equipment provider’s stock valued at $5,919,000 after acquiring an additional 286,803 shares in the last quarter. Institutional investors own 70.92% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Craig Hallum reiterated a “buy” rating and set a $3.00 target price on shares of Ribbon Communications in a research note on Wednesday. Wall Street Zen lowered shares of Ribbon Communications from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ribbon Communications in a research note on Thursday, January 22nd. B. Riley Securities cut shares of Ribbon Communications from a “buy” rating to a “neutral” rating and set a $2.90 target price on the stock. in a report on Friday, February 6th. Finally, Northland Securities set a $4.00 target price on Ribbon Communications in a report on Friday, February 6th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.47.

Ribbon Communications Company Profile

Ribbon Communications Inc is a global provider of real-time communications software and network solutions for service providers and enterprises. The company’s offerings address the full life cycle of voice, video and data transmission across fixed, mobile and cloud environments. Ribbon’s technology portfolio is designed to enable secure, intelligent and interoperable communications in applications such as unified communications, contact centers, wholesale VoIP interconnect and next-generation 5G networks.

Ribbon’s product suite includes session border controllers (SBCs), which secure and interwork IP voice and multimedia sessions; Diameter signaling controllers for 4G/5G policy and charging control; network edge virtualization platforms; and analytics engines for service assurance and fraud management.