Ribbon Communications (NASDAQ:RBBN) Given New $6.50 Price Target at B. Riley

Ribbon Communications (NASDAQ:RBBN) had its price objective increased by stock analysts at B. Riley from $6.00 to $6.50 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. B. Riley’s price target points to a potential upside of 107.67% from the stock’s previous close.

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

Ribbon Communications Stock Down 3.4 %

NASDAQ RBBN opened at $3.13 on Thursday. Ribbon Communications has a one year low of $1.78 and a one year high of $3.65. The company has a current ratio of 1.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The business’s fifty day moving average is $2.97 and its 200-day moving average is $2.69.

Ribbon Communications (NASDAQ:RBBN) last released its earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 EPS for the quarter, hitting analysts’ consensus estimates of $0.10. The company had revenue of $226.40 million for the quarter, compared to analysts’ expectations of $233.63 million. Ribbon Communications had a positive return on equity of 4.26% and a negative net margin of 7.11%. As a group, equities research analysts anticipate that Ribbon Communications will post 0.18 earnings per share for the current year.

Insider Activity at Ribbon Communications

In related news, EVP Dan Redington sold 23,964 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $312,989.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Dan Redington sold 23,964 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $312,989.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruns H. Grayson acquired 100,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was purchased at an average price of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the purchase, the director now directly owns 590,175 shares in the company, valued at approximately $1,705,605.75. The disclosure for this purchase can be found here. In the last three months, insiders have bought 103,000 shares of company stock worth $297,720 and have sold 66,000 shares worth $205,119. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY grew its holdings in Ribbon Communications by 6.8% during the 3rd quarter. Paradigm Capital Management Inc. NY now owns 7,495,400 shares of the communications equipment provider’s stock valued at $20,088,000 after buying an additional 477,047 shares in the last quarter. Vanguard Group Inc. grew 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 valued at $18,391,000 after buying an additional 35,132 shares in the last quarter. Brandes Investment Partners LP grew its holdings in Ribbon Communications by 43.4% during the 4th quarter. Brandes Investment Partners LP now owns 640,945 shares of the communications equipment provider’s stock valued at $1,859,000 after buying an additional 193,829 shares in the last quarter. Federated Hermes Inc. grew its holdings in Ribbon Communications by 2.1% during the 4th quarter. Federated Hermes Inc. now owns 425,621 shares of the communications equipment provider’s stock valued at $1,234,000 after buying an additional 8,671 shares in the last quarter. Finally, Silverberg Bernstein Capital Management LLC purchased a new position in Ribbon Communications during the 4th quarter valued at about $1,176,000. Hedge funds and other 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.