Ribbon Communications (NASDAQ:RBBN) Stock Gets Price Target Cut from Rosenblatt Securities

Key Points

• Rosenblatt Securities cut Ribbon Communications’ price target from $2.20 to $1.80 while maintaining a “neutral” rating, implying 28.57% upside from the prior close.
• Analyst opinions remain mixed, but the overall consensus is “Moderate Buy,” with an average price target of $3.23. Four analysts rate the stock Buy, one Hold, and one Sell.
• Ribbon reported quarterly EPS of $0.07, beating the $0.04 consensus estimate, while revenue of $218.71 million fell short of expectations but increased 1.7% year over year.

Ribbon Communications (NASDAQ:RBBN - Get Free Report) had its target price dropped by stock analysts at Rosenblatt Securities from $2.20 to $1.80 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the communications equipment provider's stock. Rosenblatt Securities's price target would suggest a potential upside of 28.57% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. B. Riley Financial upgraded Ribbon Communications from a "neutral" rating to a "buy" rating and set a $3.30 target price for the company in a research note on Wednesday, July 29th. CL King set a $3.30 target price on Ribbon Communications in a report on Wednesday, July 29th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Ribbon Communications in a research note on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold 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 price target of $3.23.

Ribbon Communications Trading Up 4.5%

Shares of NASDAQ:RBBN opened at $1.40 on Wednesday. The firm has a 50 day moving average of $1.77 and a 200-day moving average of $2.26. The stock has a market capitalization 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 posted its quarterly earnings results on Tuesday, October 27th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The firm had revenue of $218.71 million for the quarter, compared to analyst estimates of $221.75 million. The business's revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. On average, research analysts predict that Ribbon Communications will post -0.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Ribbon Communications

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