Ribbon Communications (NASDAQ:RBBN) Trading 4.3% Higher on Analyst Upgrade

Shares of Ribbon Communications Inc. (NASDAQ:RBBN) traded up 4.3% on Thursday after B. Riley raised their price target on the stock from $6.00 to $6.50. B. Riley currently has a buy rating on the stock. Ribbon Communications traded as high as $3.58 and last traded at $3.39. 697,377 shares changed hands during mid-day trading, an increase of 60% from the average session volume of 436,820 shares. The stock had previously closed at $3.25.

Separately, StockNews.com raised Ribbon Communications from a “hold” rating to a “buy” rating in a report on Saturday, March 9th.

Insider Buying and Selling

In other Ribbon Communications news, Director Bruns H. Grayson acquired 100,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were bought at an average cost of $2.89 per share, with a total value of $289,000.00. Following the completion of the acquisition, the director now owns 590,175 shares in the company, valued at $1,705,605.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ribbon Communications news, EVP Dan Redington sold 23,964 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $3.09, for a total value of $74,048.76. Following the sale, the executive vice president now directly owns 101,291 shares of the company’s stock, valued at $312,989.19. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Bruns H. Grayson acquired 100,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was acquired at an average cost of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the acquisition, the director now owns 590,175 shares of the company’s stock, valued at approximately $1,705,605.75. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 103,000 shares of company stock valued at $297,720 and have sold 66,000 shares valued at $205,119. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Ribbon Communications

Several institutional investors have recently bought and sold shares of RBBN. Brown Advisory Inc. purchased a new position in shares of Ribbon Communications in the fourth quarter valued at approximately $33,000. Principal Financial Group Inc. purchased a new position in shares of Ribbon Communications in the third quarter valued at approximately $35,000. NewEdge Wealth LLC purchased a new position in shares of Ribbon Communications in the fourth quarter valued at approximately $40,000. Vestmark Advisory Solutions Inc. purchased a new position in shares of Ribbon Communications in the fourth quarter valued at approximately $40,000. Finally, Caxton Associates LP purchased a new position in shares of Ribbon Communications in the third quarter valued at approximately $41,000. 70.92% of the stock is owned by institutional investors and hedge funds.

Ribbon Communications Stock Performance

The firm has a market cap of $556.41 million, a PE ratio of -8.10 and a beta of 1.19. The firm has a 50-day moving average price of $2.98 and a two-hundred day moving average price of $2.69. The company has a quick ratio of 1.00, a current ratio of 1.23 and a debt-to-equity ratio of 0.44.

Ribbon Communications (NASDAQ:RBBN) last released its earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $226.40 million for the quarter, compared to the consensus estimate of $233.63 million. Ribbon Communications had a positive return on equity of 3.53% and a negative net margin of 8.01%. Research analysts forecast that Ribbon Communications Inc. will post 0.18 EPS for the current fiscal year.

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.