Ribbon Communications (NASDAQ:RBBN) Sets New 12-Month High – Here’s Why

Ribbon Communications Inc. (NASDAQ:RBBN) shares reached a new 52-week high on Tuesday . The stock traded as high as $4.30 and last traded at $4.30, with a volume of 35741 shares. The stock had previously closed at $4.26.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities reiterated a “buy” rating and set a $5.00 price objective on shares of Ribbon Communications in a report on Wednesday, September 25th.

Ribbon Communications Stock Performance

The company has a 50-day moving average of $3.38 and a 200-day moving average of $3.28. The company has a market cap of $705.03 million, a PE ratio of -12.56 and a beta of 1.08. The company has a quick ratio of 1.16, a current ratio of 1.42 and a debt-to-equity ratio of 0.84.

Ribbon Communications (NASDAQ:RBBN) last posted its quarterly earnings data on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The firm had revenue of $210.00 million for the quarter, compared to analysts’ expectations of $212.17 million. Ribbon Communications had a positive return on equity of 5.41% and a negative net margin of 6.62%. Ribbon Communications’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 earnings per share. As a group, analysts anticipate that Ribbon Communications Inc. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Ribbon Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in RBBN. Paradigm Capital Management Inc. NY increased its position in shares of Ribbon Communications by 4.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock valued at $34,698,000 after acquiring an additional 420,000 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ribbon Communications by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,779,416 shares of the communications equipment provider’s stock valued at $19,012,000 after purchasing an additional 270,972 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Ribbon Communications by 7.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 434,204 shares of the communications equipment provider’s stock worth $1,429,000 after purchasing an additional 31,644 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Ribbon Communications by 79.1% in the 1st quarter. BNP Paribas Financial Markets now owns 43,790 shares of the communications equipment provider’s stock worth $140,000 after buying an additional 19,346 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in Ribbon Communications during the second quarter worth about $100,000. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Ribbon Communications Company 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.