Ribbon Communications (NASDAQ:RBBN) Sets New 1-Year Low – Here’s What Happened

Ribbon Communications Inc. (NASDAQ:RBBN) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $2.94 and last traded at $3.0350, with a volume of 178060 shares trading hands. The stock had previously closed at $3.04.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RBBN. Rosenblatt Securities reaffirmed a “buy” rating and issued a $6.00 price target on shares of Ribbon Communications in a report on Thursday, October 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ribbon Communications in a research note on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Ribbon Communications from a “buy” rating to a “hold” rating in a research report on Saturday, October 25th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.00.

Ribbon Communications Trading Down 0.2%

The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $535.98 million, a PE ratio of -12.65 and a beta of 1.40. The business’s 50-day moving average is $3.68 and its two-hundred day moving average is $3.76.

Ribbon Communications (NASDAQ:RBBN) last posted its earnings results on Monday, March 27th. The communications equipment provider reported $0.01 EPS for the quarter. The business had revenue of $100.28 million for the quarter. Ribbon Communications had a positive return on equity of 6.49% and a negative net margin of 4.96%. On average, analysts anticipate that Ribbon Communications Inc. will post 0.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ribbon Communications news, Director Beatriz V. Infante sold 8,690 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $3.98, for a total transaction of $34,586.20. Following the transaction, the director directly owned 343,224 shares of the company’s stock, valued at approximately $1,366,031.52. This trade represents a 2.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Dan Redington sold 14,176 shares of Ribbon Communications stock in a transaction on Monday, September 8th. The shares were sold at an average price of $4.02, for a total transaction of $56,987.52. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 198,300 shares of company stock valued at $801,173. 1.72% of the stock is owned by company insiders.

Institutional Trading of Ribbon Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new position in shares of Ribbon Communications in the 3rd quarter valued at approximately $29,000. Tower Research Capital LLC TRC lifted its holdings in shares of Ribbon Communications by 453.3% during the second quarter. Tower Research Capital LLC TRC now owns 10,025 shares of the communications equipment provider’s stock worth $40,000 after purchasing an additional 8,213 shares during the period. Ballentine Partners LLC purchased a new position in Ribbon Communications in the 2nd quarter valued at $44,000. Keel Point LLC acquired a new position in Ribbon Communications in the 2nd quarter valued at $45,000. Finally, Prudential Financial Inc. purchased a new position in Ribbon Communications during the 2nd quarter worth $47,000. 70.92% of the stock is owned by hedge funds and other institutional investors.

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.