Ribbon Communications Inc. (NASDAQ:RBBN – Get Free Report) CEO Bruce Mcclelland purchased 60,000 shares of the company’s stock in a transaction that occurred on Friday, October 30th. The shares were purchased at an average price of $1.60 per share, for a total transaction of $96,000.00. Following the transaction, the chief executive officer owned 2,969,454 shares of the company’s stock, valued at $4,751,126.40. This trade represents a 2.06% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Ribbon Communications Stock Performance
RBBN traded up $0.12 on Monday, reaching $1.68. The stock had a trading volume of 1,229,935 shares, compared to its average volume of 952,239. The business’s 50-day moving average price is $1.75 and its two-hundred day moving average price is $2.24. The company has a market cap of $300.11 million, a P/E ratio of 16.75 and a beta of 1.46. Ribbon Communications Inc. has a 12-month low of $1.28 and a 12-month high of $3.41. The company has a current ratio of 1.32, a quick ratio of 1.06 and a debt-to-equity ratio of 0.82.
Ribbon Communications (NASDAQ:RBBN – Get Free Report) last posted its earnings results on Tuesday, October 27th. The communications equipment provider reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Ribbon Communications had a return on equity of 20.61% and a net margin of 2.32%. The firm had revenue of $218.71 million for the quarter, compared to analysts’ expectations of $221.75 million. During the same period last year, the firm earned $0.04 EPS. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Sell-side analysts forecast that Ribbon Communications Inc. will post -0.14 earnings per share for the current year.
Institutional Investors Weigh In On Ribbon Communications
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AXQ Capital LP purchased a new stake in shares of Ribbon Communications in the second quarter valued at approximately $25,000. Canada Pension Plan Investment Board acquired a new position in Ribbon Communications during the second quarter worth $27,000. Y Intercept Hong Kong Ltd purchased a new stake in Ribbon Communications in the 1st quarter valued at $26,000. NewEdge Wealth LLC purchased a new stake in Ribbon Communications in the 2nd quarter valued at $38,000. Finally, Ieq Capital LLC acquired a new stake in shares of Ribbon Communications in the 2nd quarter worth $48,000. Institutional investors and hedge funds own 70.92% of the company’s stock.
Wall Street Analyst Weigh In
RBBN has been the topic of a number of recent analyst reports. CL King set a $3.30 target price on Ribbon Communications in a research report on Wednesday, July 29th. B. Riley Financial reissued a “buy” rating and issued a $3.10 price target (down from $3.30) on shares of Ribbon Communications in a report on Wednesday, October 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ribbon Communications in a report on Friday, August 7th. Finally, Rosenblatt Securities dropped their target price on shares of Ribbon Communications from $2.20 to $1.80 and set a “neutral” rating on the stock in a research report on Wednesday, October 28th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.20.
Get Our Latest Research Report on Ribbon Communications
Ribbon Communications Company Profile
Ribbon Communications Inc (NASDAQ: RBBN) provides communications software, networking solutions and related services for service providers, enterprises and government organizations. The company helps customers build, operate and secure voice, data and unified communications networks across cloud, IP and optical environments.
Ribbon’s offerings include session border controllers, voice and unified communications platforms, signaling and routing solutions, policy and analytics tools, and software designed to support cloud communications and 5G networks.
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