Ribbon Communications (NASDAQ:RBBN) Price Target Raised to $6.50

Ribbon Communications (NASDAQ:RBBN) had its price objective hoisted by equities research analysts at B. Riley from $6.00 to $6.50 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. B. Riley’s target price would suggest a potential upside of 96.37% from the company’s previous close.

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

Ribbon Communications Stock Up 1.8 %

Shares of RBBN traded up $0.06 during mid-day trading on Thursday, hitting $3.31. 925,432 shares of the company’s stock were exchanged, compared to its average volume of 440,574. The stock’s 50-day moving average is $2.98 and its 200-day moving average is $2.68. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.23. Ribbon Communications has a fifty-two week low of $1.78 and a fifty-two week high of $3.65. The company has a market cap of $568.43 million, a price-to-earnings ratio of -8.28 and a beta of 1.19.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10. The company had revenue of $226.40 million for the quarter, compared to analyst estimates of $233.63 million. Ribbon Communications had a negative net margin of 8.01% and a positive return on equity of 3.53%. On average, sell-side analysts anticipate that Ribbon Communications will post 0.18 earnings per share for the current fiscal year.

Insider Activity at Ribbon Communications

In other Ribbon Communications news, Director Bruns H. Grayson acquired 100,000 shares of Ribbon Communications stock in a transaction that occurred on Friday, March 15th. The stock was purchased at an average cost of $2.89 per share, with a total value of $289,000.00. Following the purchase, the director now owns 590,175 shares in the company, valued at $1,705,605.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Dan Redington sold 34,452 shares of Ribbon Communications stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $3.10, for a total transaction of $106,801.20. Following the sale, the executive vice president now owns 66,839 shares of the company’s stock, valued at approximately $207,200.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruns H. Grayson purchased 100,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was bought at an average cost of $2.89 per share, for a total transaction of $289,000.00. Following the purchase, the director now owns 590,175 shares in the company, valued at $1,705,605.75. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 103,000 shares of company stock worth $297,720 and sold 66,000 shares worth $205,119. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ribbon Communications

Institutional investors and hedge funds have recently made changes to their positions in the company. Brown Advisory Inc. acquired a new position in Ribbon Communications in the fourth quarter valued at about $33,000. Principal Financial Group Inc. acquired a new position in shares of Ribbon Communications during the third quarter worth about $35,000. NewEdge Wealth LLC bought a new stake in Ribbon Communications during the fourth quarter worth about $40,000. Vestmark Advisory Solutions Inc. bought a new stake in Ribbon Communications during the fourth quarter worth about $40,000. Finally, Caxton Associates LP bought a new stake in Ribbon Communications during the third quarter worth about $41,000. 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.