Ribbon Communications (NASDAQ:RBBN) CEO Buys 60,000 Shares of Company Stock

Key Points

• CEO Bruce McClelland purchased 60,000 Ribbon Communications shares at an average price of $1.60, investing $96,000 and increasing his direct holdings by 2.06% to nearly 3 million shares.
• Ribbon Communications shares rose 8.1% to $1.68, while the company’s latest quarterly results exceeded expectations on earnings but fell slightly short on revenue.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $3.20 versus the recent share price.

Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) CEO Bruce Mcclelland bought 60,000 shares of Ribbon Communications stock in a transaction on Friday, October 30th. The stock was purchased at an average price of $1.60 per share, with a total value of $96,000.00. Following the completion of the acquisition, the chief executive officer directly owned 2,969,454 shares of the company's stock, valued at $4,751,126.40. This represents a 2.06% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Ribbon Communications Stock Up 8.1%

Shares of Ribbon Communications stock traded up $0.12 on Monday, reaching $1.68. The stock had a trading volume of 1,229,935 shares, compared to its average volume of 952,239. The company has a 50 day moving average price of $1.75 and a 200 day moving average price of $2.24. The company has a quick ratio of 1.06, a current ratio of 1.32 and a debt-to-equity ratio of 0.82. Ribbon Communications Inc. has a 1 year low of $1.28 and a 1 year high of $3.41. The stock has a market capitalization of $300.11 million, a P/E ratio of 16.75 and a beta of 1.46.

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. Ribbon Communications had a return on equity of 20.61% and a net margin of 2.32%. The firm had revenue of $218.71 million during the quarter, compared to analyst estimates of $221.75 million. During the same quarter in the prior year, the business posted $0.04 EPS. The business's revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities research analysts forecast that Ribbon Communications Inc. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Ribbon Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wedbush Securities Inc. purchased a new stake in shares of Ribbon Communications in the third quarter worth about $45,000. Seven Mile Advisory purchased a new position in Ribbon Communications during the third quarter valued at approximately $110,000. WINTON GROUP Ltd lifted its holdings in Ribbon Communications by 198.1% in the second quarter. WINTON GROUP Ltd now owns 149,404 shares of the communications equipment provider's stock valued at $350,000 after acquiring an additional 99,289 shares during the period. Squarepoint Ops LLC acquired a new position in Ribbon Communications in the second quarter valued at approximately $448,000. Finally, AXQ Capital LP purchased a new stake in Ribbon Communications in the 2nd quarter worth approximately $25,000. 70.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RBBN has been the subject of several research reports. B. Riley Financial reiterated a "buy" rating and set a $3.10 price objective (down from $3.30) on shares of Ribbon Communications in a research note on Wednesday, October 28th. CL King set a $3.30 target price on Ribbon Communications in a research report on Wednesday, July 29th. Weiss Ratings restated a "sell (d)" rating on shares of Ribbon Communications in a research note on Friday, August 7th. Finally, 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, October 28th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $3.20.

Ribbon Communications Company Profile

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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