Ribbon Communications (NASDAQ:RBBN) Shares Gap Up Following Earnings Beat

Ribbon Communications Inc. (NASDAQ:RBBN) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $4.33, but opened at $4.69. Ribbon Communications shares last traded at $4.68, with a volume of 1,129,776 shares traded.

The communications equipment provider reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. Ribbon Communications had a negative net margin of 6.62% and a positive return on equity of 5.41%.

Analysts Set New Price Targets

RBBN has been the subject of several research analyst reports. Northland Securities upped their target price on shares of Ribbon Communications from $5.50 to $6.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and set a $5.50 price target on shares of Ribbon Communications in a research note on Monday, December 30th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $6.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC purchased a new stake in shares of Ribbon Communications in the second quarter valued at about $137,000. Sanctuary Advisors LLC acquired a new position in Ribbon Communications during the second quarter worth approximately $132,000. SG Americas Securities LLC raised its stake in Ribbon Communications by 81.3% during the third quarter. SG Americas Securities LLC now owns 34,793 shares of the communications equipment provider’s stock worth $113,000 after purchasing an additional 15,604 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Ribbon Communications by 19.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 129,984 shares of the communications equipment provider’s stock valued at $422,000 after purchasing an additional 20,826 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Ribbon Communications by 59.4% during the 3rd quarter. Victory Capital Management Inc. now owns 504,503 shares of the communications equipment provider’s stock valued at $1,640,000 after buying an additional 188,077 shares during the period. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Ribbon Communications Trading Up 8.4 %

The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.16 and a current ratio of 1.42. The firm has a market capitalization of $823.23 million, a price-to-earnings ratio of -14.69 and a beta of 1.11. The business has a fifty day moving average price of $4.07 and a 200 day moving average price of $3.63.

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.