JPMorgan Chase & Co. Sells 1,749,504 Shares of Ribbon Communications Inc. $RBBN

JPMorgan Chase & Co. lessened its holdings in Ribbon Communications Inc. (NASDAQ:RBBN) by 3.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,288,073 shares of the communications equipment provider’s stock after selling 1,749,504 shares during the period. JPMorgan Chase & Co. owned about 28.48% of Ribbon Communications worth $191,095,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue bought a new stake in Ribbon Communications during the 3rd quarter worth approximately $29,000. Tower Research Capital LLC TRC boosted its position in shares of Ribbon Communications by 453.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,025 shares of the communications equipment provider’s stock valued at $40,000 after buying an additional 8,213 shares during the last quarter. Keel Point LLC bought a new stake in Ribbon Communications during the second quarter worth $45,000. Prudential Financial Inc. purchased a new stake in Ribbon Communications in the 2nd quarter valued at $47,000. Finally, Occudo Quantitative Strategies LP purchased a new stake in Ribbon Communications in the 2nd quarter valued at $50,000. Institutional investors own 70.92% of the company’s stock.

Ribbon Communications Stock Performance

Shares of RBBN stock opened at $2.08 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.16 and a current ratio of 1.43. The firm has a market cap of $367.33 million, a price-to-earnings ratio of 9.45 and a beta of 1.07. Ribbon Communications Inc. has a 52 week low of $1.80 and a 52 week high of $5.04. The firm’s 50-day simple moving average is $2.64 and its two-hundred day simple moving average is $3.24.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Thursday, February 5th. The communications equipment provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.48. Ribbon Communications had a net margin of 4.69% and a return on equity of 27.48%. The company had revenue of $227.32 million during the quarter, compared to analyst estimates of $241.35 million. During the same quarter last year, the business posted $0.16 EPS. Ribbon Communications’s quarterly revenue was down 9.6% compared to the same quarter last year. As a group, equities analysts forecast that Ribbon Communications Inc. will post 0.18 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Ribbon Communications from a “buy” rating to a “hold” rating in a report on Saturday, October 25th. Citizens Jmp reduced their price objective on shares of Ribbon Communications from $6.00 to $4.00 and set a “market outperform” rating for the company in a research report on Friday, February 6th. Northland Securities set a $4.00 price objective on shares of Ribbon Communications in a research note on Friday, February 6th. B. Riley Financial 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 research report on Friday, February 6th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Ribbon Communications in a report on Friday, February 6th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $3.58.

Ribbon Communications 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.