Ribbon Communications (NASDAQ:RBBN)‘s stock had its “buy” rating reaffirmed by equities research analysts at William Blair in a research note issued on Monday.
The analysts wrote, “We note that the stock has been a victim of a thin float and what we believe is largely machine-driven buying and selling, in the technical range of between $6.50 and $8.50 per share. The stock broke all technical indicators after the last quarter’s results—which, judging by the investor reaction, were perceived as troubling—sending it well below $6.00 per share and its 50-day moving average. We, to the contrary , saw no glaringly surprising issues from the earnings report, and would advocate investors to double down here.””
Several other equities analysts have also recently issued reports on RBBN. BidaskClub cut Ribbon Communications from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. ValuEngine cut Ribbon Communications from a “hold” rating to a “sell” rating in a research report on Monday, February 5th. Finally, Zacks Investment Research cut Ribbon Communications from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. Four analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $7.25.
Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Thursday, March 1st. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.02). The company had revenue of $169.50 million during the quarter, compared to analyst estimates of $150.25 million. Ribbon Communications had a negative net margin of 10.68% and a positive return on equity of 3.22%. The business’s revenue was up 150.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.09 EPS. equities analysts expect that Ribbon Communications will post -0.28 earnings per share for the current fiscal year.
In other Ribbon Communications news, CEO Franklin W. Iv Hobbs bought 75,000 shares of the company’s stock in a transaction on Monday, March 5th. The shares were bought at an average price of $5.66 per share, for a total transaction of $424,500.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 7.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP acquired a new position in Ribbon Communications during the 4th quarter worth approximately $31,591,000. BlackRock Inc. acquired a new position in Ribbon Communications during the 4th quarter worth approximately $24,599,000. Renaissance Technologies LLC acquired a new position in Ribbon Communications during the 4th quarter worth approximately $13,486,000. Central Securities Corp acquired a new position in Ribbon Communications during the 4th quarter worth approximately $9,396,000. Finally, Royce & Associates LP acquired a new position in Ribbon Communications during the 4th quarter worth approximately $5,290,000. Institutional investors own 83.86% of the company’s stock.
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Ribbon Communications Company Profile
Sonus Networks, Inc, formerly Solstice Sapphire Investments, Inc, is a provider of networked solutions for communications service providers and enterprises to help them secure and unify their real-time communications infrastructures. The Company helps communications service providers and enterprises hold the session initiation protocol (SIP) and fourth generation (4G)/long term evolution (LTE)-based solutions, including voice over Internet protocol (VoIP), voice over wireless fidelity (VoWiFi), video and unified communications (UC) by securing and enabling Internet Protocol (IP) networks.
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