Ribbon Communications (NASDAQ:RBBN) Stock Price Down 4.8% – Here’s Why

Ribbon Communications Inc. (NASDAQ:RBBN) dropped 4.8% on Thursday . The company traded as low as $3.94 and last traded at $3.96. Approximately 190,291 shares changed hands during trading, a decline of 48% from the average daily volume of 368,596 shares. The stock had previously closed at $4.16.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Rosenblatt Securities reissued a “buy” rating and set a $5.50 price target on shares of Ribbon Communications in a research report on Monday. Northland Securities increased their target price on shares of Ribbon Communications from $5.50 to $6.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Ribbon Communications presently has an average rating of “Buy” and an average target price of $6.00.

Ribbon Communications Trading Down 4.8 %

The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $694.52 million, a P/E ratio of -12.37 and a beta of 1.14. The company has a 50-day moving average price of $3.96 and a 200 day moving average price of $3.49.

Ribbon Communications (NASDAQ:RBBN) last announced its earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Ribbon Communications had a positive return on equity of 5.41% and a negative net margin of 6.62%. The firm had revenue of $210.00 million during the quarter, compared to the consensus estimate of $212.17 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, research analysts forecast that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Ribbon Communications

Several hedge funds and other institutional investors have recently made changes to their positions in RBBN. Intech Investment Management LLC purchased a new position in shares of Ribbon Communications in the 3rd quarter valued at approximately $34,000. MQS Management LLC acquired a new position in Ribbon Communications during the 2nd quarter valued at approximately $100,000. SG Americas Securities LLC raised its holdings in shares of Ribbon Communications by 81.3% in the third quarter. SG Americas Securities LLC now owns 34,793 shares of the communications equipment provider’s stock worth $113,000 after buying an additional 15,604 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of Ribbon Communications during the second quarter worth $137,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Ribbon Communications during the second quarter worth $132,000. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Ribbon Communications Company Profile

Ribbon Communications Inc provides communications technology in the United States, Europe, the Middle East, Africa, the Asia Pacific, and internationally. It operates through two segments, Cloud and Edge, and IP Optical Networks. The Cloud and Edge segment provides software and hardware products, solutions, and services for voice over internet protocol communications, voice over long-term evolution, and voice over 5G communications, and unified communications and collaboration.