Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in Ribbon Communications Inc. $RBBN

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Ribbon Communications Inc. (NASDAQ:RBBN) by 24.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,476,053 shares of the communications equipment provider’s stock after buying an additional 286,803 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.83% of Ribbon Communications worth $5,919,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas bought a new stake in Ribbon Communications during the first quarter worth about $208,000. Victory Capital Management Inc. lifted its holdings in shares of Ribbon Communications by 8.9% during the first quarter. Victory Capital Management Inc. now owns 605,306 shares of the communications equipment provider’s stock valued at $2,373,000 after purchasing an additional 49,467 shares during the last quarter. Allianz Asset Management GmbH bought a new stake in shares of Ribbon Communications in the 1st quarter worth approximately $57,000. Royce & Associates LP boosted its position in shares of Ribbon Communications by 10.3% in the 1st quarter. Royce & Associates LP now owns 3,092,068 shares of the communications equipment provider’s stock worth $12,121,000 after purchasing an additional 289,210 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in shares of Ribbon Communications in the 1st quarter worth approximately $619,000. 70.92% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Dan Redington sold 155,434 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $4.03, for a total value of $626,399.02. Following the transaction, the executive vice president directly owned 14,176 shares in the company, valued at $57,129.28. This trade represents a 91.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Beatriz V. Infante sold 8,690 shares of the company’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $3.98, for a total value of $34,586.20. Following the sale, the director 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 198,300 shares of company stock worth $801,173. Company insiders own 1.72% of the company’s stock.

Wall Street Analysts Forecast Growth

RBBN has been the subject of a number of recent research reports. Wall Street Zen cut Ribbon Communications from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Ribbon Communications in a report on Wednesday, October 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $6.00 price target on shares of Ribbon Communications in a research report on Thursday, October 23rd. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ribbon Communications currently has a consensus rating of “Moderate Buy” and an average target price of $6.00.

Ribbon Communications Stock Performance

Shares of RBBN stock opened at $3.24 on Thursday. 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 company has a 50 day moving average price of $3.70 and a 200-day moving average price of $3.76. Ribbon Communications Inc. has a 52 week low of $3.01 and a 52 week high of $5.38. The firm has a market capitalization of $572.18 million, a PE ratio of -13.50 and a beta of 1.40.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings data on Monday, March 27th. The communications equipment provider reported $0.01 earnings per share for the quarter. Ribbon Communications had a negative net margin of 4.96% and a positive return on equity of 6.49%. The company had revenue of $100.28 million for the quarter. As a group, equities research analysts expect that Ribbon Communications Inc. will post 0.18 earnings per share for the current year.

Ribbon Communications 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.