Ribbon Communications (NASDAQ:RBBN) Stock Price Down 4.8% – Here’s Why

Shares of Ribbon Communications Inc. (NASDAQ:RBBN) dropped 4.8% during mid-day trading on Thursday . The company traded as low as $3.94 and last traded at $3.96. Approximately 190,291 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 368,596 shares. The stock had previously closed at $4.16.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RBBN. Rosenblatt Securities reiterated a “buy” rating and issued a $5.50 price objective on shares of Ribbon Communications in a report on Monday, December 30th. Northland Securities upped their target price on shares of Ribbon Communications from $5.50 to $6.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $6.00.

Ribbon Communications Trading Up 2.0 %

The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $708.55 million, a P/E ratio of -12.62 and a beta of 1.12. The business has a 50 day moving average of $3.97 and a 200-day moving average of $3.50.

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

Hedge Funds Weigh In On Ribbon Communications

Several hedge funds have recently made changes to their positions in RBBN. Barclays PLC raised its position in Ribbon Communications by 153.4% during the third quarter. Barclays PLC now owns 170,110 shares of the communications equipment provider’s stock worth $553,000 after acquiring an additional 102,969 shares in the last quarter. Geode Capital Management LLC grew its holdings in Ribbon Communications by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,101,366 shares of the communications equipment provider’s stock worth $6,830,000 after purchasing an additional 27,999 shares during the period. State Street Corp increased its position in Ribbon Communications by 0.4% during the third quarter. State Street Corp now owns 1,898,714 shares of the communications equipment provider’s stock worth $6,171,000 after buying an additional 7,963 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Ribbon Communications by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 762,892 shares of the communications equipment provider’s stock valued at $2,479,000 after buying an additional 13,984 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Ribbon Communications during the 3rd quarter worth approximately $34,000. 70.92% of the stock is owned by 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.