Ribbon Communications (NASDAQ:RBBN) Reaches New 1-Year High – Here’s What Happened

Shares of Ribbon Communications Inc. (NASDAQ:RBBN) hit a new 52-week high during trading on Tuesday . The stock traded as high as $5.36 and last traded at $5.32, with a volume of 184565 shares traded. The stock had previously closed at $5.13.

Wall Street Analyst Weigh In

RBBN has been the topic of a number of research reports. Northland Securities boosted their target price on shares of Ribbon Communications from $5.50 to $6.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. StockNews.com raised shares of Ribbon Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.50 target price on shares of Ribbon Communications in a research report on Monday, December 30th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $6.00 target price on shares of Ribbon Communications in a research report on Thursday, February 13th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $6.00.

Ribbon Communications Stock Performance

The company’s 50 day moving average price is $4.14 and its 200-day moving average price is $3.67. The stock has a market cap of $901.47 million, a P/E ratio of -16.06 and a beta of 1.11. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.16 and a current ratio of 1.42.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings data on Wednesday, February 12th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Ribbon Communications had a negative net margin of 6.62% and a positive return on equity of 5.41%. Equities analysts forecast that Ribbon Communications Inc. will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Ribbon Communications

Several large investors have recently modified their holdings of RBBN. Sanctuary Advisors LLC purchased a new stake in Ribbon Communications in the second quarter worth $132,000. SG Americas Securities LLC grew its stake in Ribbon Communications by 81.3% in the 3rd quarter. SG Americas Securities LLC now owns 34,793 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 15,604 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in Ribbon Communications by 19.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 129,984 shares of the communications equipment provider’s stock valued at $422,000 after acquiring an additional 20,826 shares during the period. Victory Capital Management Inc. lifted its position in shares of Ribbon Communications by 59.4% during the third quarter. Victory Capital Management Inc. now owns 504,503 shares of the communications equipment provider’s stock worth $1,640,000 after acquiring an additional 188,077 shares in the last quarter. Finally, Royce & Associates LP grew its position in shares of Ribbon Communications by 18.0% in the third quarter. Royce & Associates LP now owns 2,536,278 shares of the communications equipment provider’s stock valued at $8,243,000 after purchasing an additional 386,518 shares in the last quarter. 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.