Ribbon Communications (NASDAQ:RBBN) Shares Cross Above 200-Day Moving Average - Here's What Happened

Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.93 and traded as high as $4.24. Ribbon Communications shares last traded at $4.18, with a volume of 828,252 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RBBN shares. B. Riley reduced their price objective on Ribbon Communications from $7.50 to $6.00 and set a "buy" rating on the stock in a research report on Wednesday, April 30th. Wall Street Zen downgraded shares of Ribbon Communications from a "buy" rating to a "hold" rating in a research note on Friday, May 2nd. Finally, Rosenblatt Securities restated a "buy" rating and issued a $5.50 target price on shares of Ribbon Communications in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $5.88.

Ribbon Communications Stock Down 1.0%

The firm has a market cap of $730.88 million, a price-to-earnings ratio of -14.28 and a beta of 1.36. The company has a quick ratio of 1.13, a current ratio of 1.39 and a debt-to-equity ratio of 0.86. The firm has a fifty day moving average price of $3.64 and a 200-day moving average price of $3.93.

Ribbon Communications (NASDAQ:RBBN - Get Free Report) last released its earnings results on Tuesday, April 29th. The communications equipment provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.04). Ribbon Communications had a positive return on equity of 6.76% and a negative net margin of 6.00%. The business had revenue of $181.28 million for the quarter, compared to analysts' expectations of $191.66 million. During the same quarter last year, the company posted ($0.01) earnings per share. The business's quarterly revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts forecast that Ribbon Communications Inc. will post 0.18 EPS for the current year.

Hedge Funds Weigh In On Ribbon Communications

A number of hedge funds have recently made changes to their positions in RBBN. Walleye Capital LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth $43,000. Polymer Capital Management US LLC purchased a new position in shares of Ribbon Communications in the 4th quarter worth about $55,000. Penn Capital Management Company LLC acquired a new position in shares of Ribbon Communications in the 4th quarter valued at about $56,000. Renaissance Technologies LLC purchased a new stake in shares of Ribbon Communications during the 4th quarter worth about $59,000. Finally, Allianz Asset Management GmbH acquired a new stake in Ribbon Communications during the 1st quarter worth approximately $57,000. Institutional investors and hedge funds own 70.92% of the company's stock.

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.