Ribbon Communications (NASDAQ:RBBN) Shares Gap Up to $2.57

Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $2.57, but opened at $2.90. Ribbon Communications shares last traded at $3.11, with a volume of 1,025,098 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Ribbon Communications from a "hold" rating to a "buy" rating in a research note on Saturday, March 9th.

Ribbon Communications Trading Up 26.5 %

The firm has a market cap of $558.12 million, a P/E ratio of -8.45 and a beta of 1.19. The company has a current ratio of 1.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company's fifty day moving average price is $2.98 and its two-hundred day moving average price is $2.68.

Ribbon Communications (NASDAQ:RBBN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The communications equipment provider reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. The company had revenue of $226.40 million during the quarter, compared to analyst estimates of $233.63 million. Ribbon Communications had a negative net margin of 8.01% and a positive return on equity of 3.53%. As a group, sell-side analysts predict that Ribbon Communications Inc. will post 0.18 EPS for the current fiscal year.

Insider Transactions at Ribbon Communications

In other Ribbon Communications news, EVP Dan Redington sold 23,964 shares of the firm's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $3.09, for a total value of $74,048.76. Following the completion of the sale, the executive vice president now owns 101,291 shares in the company, valued at approximately $312,989.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ribbon Communications news, Director Bruns H. Grayson bought 100,000 shares of Ribbon Communications stock in a transaction dated Friday, March 15th. The shares were bought at an average price of $2.89 per share, with a total value of $289,000.00. Following the purchase, the director now owns 590,175 shares of the company's stock, valued at $1,705,605.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Dan Redington sold 23,964 shares of Ribbon Communications stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $3.09, for a total transaction of $74,048.76. Following the sale, the executive vice president now owns 101,291 shares of the company's stock, valued at approximately $312,989.19. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 103,000 shares of company stock worth $297,720 and have sold 66,000 shares worth $205,119. Company insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Ribbon Communications

Large investors have recently bought and sold shares of the business. SG Capital Management LLC raised its position in shares of Ribbon Communications by 5.3% during the 4th quarter. SG Capital Management LLC now owns 88,110 shares of the communications equipment provider's stock valued at $256,000 after acquiring an additional 4,449 shares during the last quarter. Qtron Investments LLC lifted its stake in Ribbon Communications by 64.1% in the third quarter. Qtron Investments LLC now owns 17,986 shares of the communications equipment provider's stock valued at $48,000 after buying an additional 7,025 shares during the period. New York State Common Retirement Fund boosted its holdings in Ribbon Communications by 22.0% during the third quarter. New York State Common Retirement Fund now owns 39,646 shares of the communications equipment provider's stock worth $106,000 after buying an additional 7,146 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Ribbon Communications by 2.1% during the 4th quarter. Federated Hermes Inc. now owns 425,621 shares of the communications equipment provider's stock worth $1,234,000 after buying an additional 8,671 shares during the period. Finally, Worth Venture Partners LLC increased its stake in shares of Ribbon Communications by 15.2% in the 3rd quarter. Worth Venture Partners LLC now owns 67,588 shares of the communications equipment provider's stock valued at $181,000 after acquiring an additional 8,917 shares during the last quarter. 70.92% of the stock is currently owned by institutional investors and hedge funds.

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.