Ribbon Communications (NASDAQ:RBBN) Shares Up 10.4% – Time to Buy?

Ribbon Communications Inc. (NASDAQ:RBBN)’s stock price was up 10.4% on Wednesday . The company traded as high as $3.13 and last traded at $3.1250. Approximately 1,747,059 shares changed hands during trading, an increase of 94% from the average daily volume of 898,552 shares. The stock had previously closed at $2.83.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Citizens Jmp lowered their price target on shares of Ribbon Communications from $6.00 to $4.00 and set a “market outperform” rating on the stock in a research report on Friday, February 6th. Rosenblatt Securities reduced their price objective on shares of Ribbon Communications from $6.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Craig Hallum reissued a “buy” rating and set a $3.00 target price on shares of Ribbon Communications in a report on Wednesday, February 11th. Weiss Ratings lowered Ribbon Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, May 11th. Finally, B. Riley Financial reiterated a “neutral” rating on shares of Ribbon Communications in a research report on Wednesday, April 29th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ribbon Communications presently has a consensus rating of “Moderate Buy” and an average price target of $3.58.

Ribbon Communications Trading Up 9.9%

The firm’s 50 day moving average is $2.49 and its 200 day moving average is $2.60. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.37 and a quick ratio of 1.09. The company has a market cap of $547.62 million, a PE ratio of 18.29 and a beta of 1.26.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Tuesday, April 28th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $162.61 million for the quarter, compared to analysts’ expectations of $163.43 million. Ribbon Communications had a net margin of 3.80% and a return on equity of 24.14%. The business’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.03) EPS. On average, equities analysts anticipate that Ribbon Communications Inc. will post 0.02 earnings per share for the current year.

Hedge Funds Weigh In On Ribbon Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Ribbon Communications by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 7,691,070 shares of the communications equipment provider’s stock valued at $29,226,000 after acquiring an additional 166,683 shares in the last quarter. Royce & Associates LP lifted its position in Ribbon Communications by 7.2% during the fourth quarter. Royce & Associates LP now owns 4,614,741 shares of the communications equipment provider’s stock valued at $13,290,000 after purchasing an additional 309,271 shares during the last quarter. State Street Corp grew its position in Ribbon Communications by 0.3% in the fourth quarter. State Street Corp now owns 2,099,793 shares of the communications equipment provider’s stock worth $6,047,000 after acquiring an additional 5,280 shares in the last quarter. First Wilshire Securities Management Inc. grew its position in Ribbon Communications by 11.0% in the first quarter. First Wilshire Securities Management Inc. now owns 1,407,178 shares of the communications equipment provider’s stock worth $2,983,000 after acquiring an additional 139,592 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Ribbon Communications by 18.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,216,876 shares of the communications equipment provider’s stock valued at $2,580,000 after acquiring an additional 187,160 shares during the last quarter. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

About Ribbon Communications

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.