Ribbon Communications Inc. (NASDAQ:RBBN – Get Free Report)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $3.95 and last traded at $3.93, with a volume of 135831 shares traded. The stock had previously closed at $3.88.
Analyst Ratings Changes
RBBN has been the subject of several research analyst reports. Rosenblatt Securities initiated coverage on Ribbon Communications in a research note on Thursday, July 11th. They set a “buy” rating and a $5.00 price target for the company. B. Riley upped their price target on Ribbon Communications from $6.00 to $6.50 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Finally, JMP Securities initiated coverage on Ribbon Communications in a research report on Monday, April 29th. They issued a “mkt outperform” rating and a $6.00 target price for the company.
Get Our Latest Report on Ribbon Communications
Ribbon Communications Price Performance
Ribbon Communications (NASDAQ:RBBN – Get Free Report) last issued its quarterly earnings results on Wednesday, April 24th. The communications equipment provider reported ($0.03) EPS for the quarter, meeting analysts’ consensus estimates of ($0.03). Ribbon Communications had a positive return on equity of 4.32% and a negative net margin of 7.11%. The firm had revenue of $179.66 million during the quarter, compared to the consensus estimate of $184.22 million. On average, equities research analysts expect that Ribbon Communications Inc. will post 0.14 EPS for the current year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of RBBN. Vanguard Group Inc. lifted its holdings in Ribbon Communications by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,862,311 shares of the communications equipment provider’s stock worth $18,391,000 after buying an additional 35,132 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Ribbon Communications by 24.7% during the 4th quarter. SG Americas Securities LLC now owns 50,197 shares of the communications equipment provider’s stock worth $146,000 after purchasing an additional 9,943 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $387,000. Silverberg Bernstein Capital Management LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $1,176,000. Finally, NewEdge Wealth LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $40,000. Institutional investors own 70.92% of the company’s stock.
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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