Ribbon Communications (NASDAQ:RBBN) Stock: Insider Bruce William Mcclelland Acquires 60,000 Shares

Ribbon Communications Inc. (NASDAQ:RBBN) CEO Bruce Mcclelland acquired 60,000 shares of the business’s stock in a transaction that occurred on Friday, October 30th. The stock was bought at an average cost of $1.60 per share, for a total transaction of $96,000.00. Following the completion of the purchase, the chief executive officer directly owned 2,969,454 shares in the company, valued at $4,751,126.40. This represents a 2.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Ribbon Communications Price Performance

Shares of Ribbon Communications stock opened at $1.58 on Wednesday. The firm has a fifty day moving average price of $1.73 and a two-hundred day moving average price of $2.23. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.32 and a quick ratio of 1.06. The company has a market cap of $283.09 million, a PE ratio of 3.45 and a beta of 1.46. Ribbon Communications Inc. has a fifty-two week low of $1.28 and a fifty-two week high of $3.41.

Ribbon Communications (NASDAQ:RBBN) last released its quarterly earnings data on Tuesday, October 27th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The firm had revenue of $218.71 million during the quarter, compared to analyst estimates of $221.75 million. Ribbon Communications had a return on equity of 20.61% and a net margin of 2.32%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.04 earnings per share. Analysts expect that Ribbon Communications Inc. will post -0.14 EPS for the current year.

Hedge Funds Weigh In On Ribbon Communications

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Ribbon Communications in the second quarter valued at approximately $16,723,000. Paradigm Capital Management Inc. NY acquired a new stake in Ribbon Communications in the second quarter valued at about $7,105,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Ribbon Communications in the 2nd quarter valued at approximately $5,179,000. Bank of New York Mellon Corp bought a new stake in shares of Ribbon Communications during the second quarter worth $889,000. Finally, Squarepoint Ops LLC bought a new stake in Ribbon Communications during the 2nd quarter worth $448,000. 70.92% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RBBN has been the subject of several research reports. CL King set a $3.30 target price on Ribbon Communications in a research note on Wednesday, July 29th. B. Riley Financial restated a “buy” rating and issued a $3.10 price objective (down from $3.30) on shares of Ribbon Communications in a research report on Wednesday, October 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ribbon Communications in a research note on Friday, August 7th. Finally, Rosenblatt Securities decreased their price objective on Ribbon Communications from $2.20 to $1.80 and set a “neutral” rating for the company in a report on Wednesday, October 28th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $3.20.

Ribbon Communications Company Profile

Ribbon Communications Inc (NASDAQ: RBBN) provides communications software, networking solutions and related services for service providers, enterprises and government organizations. The company helps customers build, operate and secure voice, data and unified communications networks across cloud, IP and optical environments.

Ribbon’s offerings include session border controllers, voice and unified communications platforms, signaling and routing solutions, policy and analytics tools, and software designed to support cloud communications and 5G networks.