Ribbon Communications (NASDAQ:RBBN – Get Free Report) posted its earnings results on Wednesday. The communications equipment provider reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01), Zacks reports. The business had revenue of $192.62 million for the quarter, compared to the consensus estimate of $203.05 million. Ribbon Communications had a positive return on equity of 4.32% and a negative net margin of 7.11%. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Ribbon Communications updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.
Ribbon Communications Price Performance
NASDAQ RBBN traded down $0.67 during trading on Thursday, reaching $3.22. 1,657,405 shares of the company’s stock were exchanged, compared to its average volume of 402,127. The business has a 50 day moving average price of $3.26 and a 200-day moving average price of $3.12. The stock has a market capitalization of $559.99 million, a P/E ratio of -9.20 and a beta of 1.08. Ribbon Communications has a fifty-two week low of $1.78 and a fifty-two week high of $3.95.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on RBBN. Rosenblatt Securities restated a “buy” rating and issued a $5.00 price target on shares of Ribbon Communications in a report on Thursday. JMP Securities began coverage on Ribbon Communications in a report on Monday, April 29th. They issued a “mkt outperform” rating and a $6.00 price target on the stock. Finally, B. Riley boosted their price target on Ribbon Communications from $6.00 to $6.50 and gave the company a “buy” rating in a report on Thursday, April 25th.
About Ribbon Communications
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.
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