Ribbon Communications (NASDAQ:RBBN) Sets New 52-Week High – Should You Buy?

Ribbon Communications Inc. (NASDAQ:RBBN) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $4.39 and last traded at $4.14, with a volume of 132005 shares. The stock had previously closed at $4.17.

Wall Street Analyst Weigh In

RBBN has been the subject of a number of research reports. Northland Securities upped their target price on shares of Ribbon Communications from $5.50 to $6.00 and gave the stock an “outperform” rating in a report on Thursday. Rosenblatt Securities reiterated a “buy” rating and issued a $5.00 price objective on shares of Ribbon Communications in a report on Wednesday, September 25th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $5.88.

Ribbon Communications Stock Performance

The company has a market capitalization of $731.35 million, a PE ratio of -13.03 and a beta of 1.14. The company has a fifty day simple moving average of $3.83 and a 200-day simple moving average of $3.42. The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings data on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Ribbon Communications had a negative net margin of 6.62% and a positive return on equity of 5.41%. The firm had revenue of $210.00 million during the quarter, compared to analysts’ expectations of $212.17 million. During the same period in the prior year, the company posted $0.03 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Analysts predict that Ribbon Communications Inc. will post 0.13 EPS for the current year.

Institutional Trading of Ribbon Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake in Ribbon Communications by 7.9% during the second quarter. Bank of New York Mellon Corp now owns 434,204 shares of the communications equipment provider’s stock worth $1,429,000 after acquiring an additional 31,644 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Ribbon Communications by 2.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 195,509 shares of the communications equipment provider’s stock worth $643,000 after purchasing an additional 4,553 shares during the last quarter. Rhumbline Advisers raised its holdings in Ribbon Communications by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 152,619 shares of the communications equipment provider’s stock valued at $502,000 after buying an additional 6,668 shares during the period. Dimensional Fund Advisors LP lifted its position in Ribbon Communications by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,779,416 shares of the communications equipment provider’s stock valued at $19,012,000 after buying an additional 270,972 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Ribbon Communications during the second quarter worth about $247,000. Institutional investors and hedge funds 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.