Ribbon Communications (NASDAQ:RBBN) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Ribbon Communications Inc. (NASDAQ:RBBN)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.92 and traded as high as $4.06. Ribbon Communications shares last traded at $4.03, with a volume of 307,405 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have weighed in on RBBN shares. Wall Street Zen cut Ribbon Communications from a “buy” rating to a “hold” rating in a research report on Friday, May 2nd. B. Riley cut their price objective on Ribbon Communications from $7.50 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $5.50 price target on shares of Ribbon Communications in a research report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $5.88.

Ribbon Communications Stock Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.13 and a current ratio of 1.39. The business has a 50-day moving average price of $3.74 and a 200 day moving average price of $3.92. The stock has a market capitalization of $711.47 million, a P/E ratio of -13.90 and a beta of 1.36.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings data on Tuesday, April 29th. The communications equipment provider reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.04). Ribbon Communications had a positive return on equity of 6.76% and a negative net margin of 6.00%. The firm had revenue of $181.28 million during the quarter, compared to analysts’ expectations of $191.66 million. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. Ribbon Communications’s revenue was up .9% on a year-over-year basis. As a group, sell-side analysts forecast that Ribbon Communications Inc. will post 0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Ribbon Communications

A number of hedge funds have recently added to or reduced their stakes in RBBN. Walleye Capital LLC purchased a new stake in Ribbon Communications during the 4th quarter valued at $43,000. Polymer Capital Management US LLC purchased a new stake in Ribbon Communications during the 4th quarter valued at $55,000. Penn Capital Management Company LLC purchased a new stake in Ribbon Communications during the 4th quarter valued at $56,000. Allianz Asset Management GmbH purchased a new stake in Ribbon Communications during the 1st quarter valued at $57,000. Finally, Renaissance Technologies LLC purchased a new stake in Ribbon Communications during the 4th quarter valued at $59,000. 70.92% of the stock is currently owned by hedge funds and other institutional investors.

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.