B. Riley Financial Reaffirms Buy Rating for Ribbon Communications (NASDAQ:RBBN)

Key Points

• B. Riley Financial reaffirmed its “buy” rating on Ribbon Communications but lowered its price target from $3.30 to $3.10, implying 121.43% upside from the previous close.
• Analyst sentiment remains mixed but leans positive: four analysts rate the stock a Buy, one a Hold, and one a Sell, producing a “Moderate Buy” consensus and an average price target of $3.20.
• Ribbon Communications exceeded quarterly EPS expectations, reporting $0.07 versus the $0.04 consensus, although revenue of $218.71 million fell slightly short of estimates; institutional investors own 70.92% of the company.

Ribbon Communications (NASDAQ:RBBN - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at B. Riley Financial in a report issued on Wednesday, Benzinga reports. They currently have a $3.10 price objective on the communications equipment provider's stock, down from their prior price objective of $3.30. B. Riley Financial's price objective would indicate a potential upside of 121.43% from the stock's previous close.

A number of other equities research analysts have also recently commented on RBBN. CL King set a $3.30 price target on Ribbon Communications in a research note on Wednesday, July 29th. Rosenblatt Securities dropped their price target on Ribbon Communications from $2.20 to $1.80 and set a "neutral" rating on the stock in a research note on Wednesday. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Ribbon Communications in a research note on Friday, August 7th. Four 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's stock. Based on data from MarketBeat.com, Ribbon Communications presently has an average rating of "Moderate Buy" and an average price target of $3.20.

Ribbon Communications Trading Up 4.5%

Shares of RBBN stock opened at $1.40 on Wednesday. The business's fifty day simple moving average is $1.77 and its 200-day simple moving average is $2.26. The company has a market cap of $250.35 million, a PE ratio of 17.50 and a beta of 1.37. Ribbon Communications has a 12-month low of $1.28 and a 12-month high of $3.55.

Ribbon Communications (NASDAQ:RBBN - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The communications equipment provider reported $0.07 EPS for the quarter, beating the consensus estimate of $0.04 by $0.03. The business had revenue of $218.71 million for the quarter, compared to analysts' expectations of $221.75 million. The business's revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 EPS. On average, equities analysts forecast that Ribbon Communications will post -0.05 earnings per share for the current year.

Hedge Funds Weigh In On Ribbon Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Ribbon Communications during the 2nd quarter worth about $16,723,000. Paradigm Capital Management Inc. NY purchased a new position in shares of Ribbon Communications in the second quarter worth about $7,105,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Ribbon Communications in the second quarter worth about $5,179,000. First Wilshire Securities Management Inc. lifted its holdings in shares of Ribbon Communications by 11.0% during the first quarter. First Wilshire Securities Management Inc. now owns 1,407,178 shares of the communications equipment provider's stock worth $2,983,000 after purchasing an additional 139,592 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ribbon Communications by 18.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,216,876 shares of the communications equipment provider's stock worth $2,580,000 after purchasing an additional 187,160 shares during the period. Hedge funds and other institutional investors own 70.92% of the company's stock.

About Ribbon Communications

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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