Shares of Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $3.75, but opened at $3.17. Ribbon Communications shares last traded at $3.06, with a volume of 231,728 shares changing hands.
The communications equipment provider reported ($0.03) earnings per share for the quarter, missing analysts' consensus estimates of $0.01 by ($0.04). The business had revenue of $181.28 million for the quarter, compared to analyst estimates of $191.66 million. Ribbon Communications had a positive return on equity of 7.36% and a negative net margin of 6.50%. The business's revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) earnings per share.
Wall Street Analysts Forecast Growth
RBBN has been the subject of several recent research reports. B. Riley cut their price target on Ribbon Communications from $7.50 to $6.00 and set a "buy" rating for the company in a report on Wednesday. StockNews.com lowered Ribbon Communications from a "buy" rating to a "hold" rating in a report on Friday. Rosenblatt Securities reissued a "buy" rating and issued a $5.50 price objective on shares of Ribbon Communications in a report on Wednesday. Finally, JMP Securities restated a "market outperform" rating and set a $6.00 price objective on shares of Ribbon Communications in a research report on Thursday, February 13th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.88.
View Our Latest Report on Ribbon Communications
Institutional Investors Weigh In On Ribbon Communications
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RBBN. First Eagle Investment Management LLC increased its position in shares of Ribbon Communications by 1,049.5% during the 4th quarter. First Eagle Investment Management LLC now owns 819,369 shares of the communications equipment provider's stock worth $3,409,000 after purchasing an additional 748,090 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ribbon Communications by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,314,669 shares of the communications equipment provider's stock valued at $26,269,000 after acquiring an additional 302,039 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Ribbon Communications by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 7,402,073 shares of the communications equipment provider's stock valued at $30,793,000 after acquiring an additional 295,524 shares during the last quarter. Royce & Associates LP raised its stake in shares of Ribbon Communications by 10.5% in the 4th quarter. Royce & Associates LP now owns 2,802,858 shares of the communications equipment provider's stock valued at $11,660,000 after acquiring an additional 266,580 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Ribbon Communications by 62.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 675,265 shares of the communications equipment provider's stock worth $2,809,000 after acquiring an additional 258,909 shares during the last quarter. Hedge funds and other institutional investors own 70.92% of the company's stock.
Ribbon Communications Price Performance
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 stock's 50-day moving average is $3.82 and its two-hundred day moving average is $3.97. The stock has a market cap of $570.02 million, a PE ratio of -10.13 and a beta of 1.37.
About Ribbon Communications
(
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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.
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