Key Points
- CEO Bruce Mcclelland purchased 60,000 shares of Ribbon Communications at $1.60 each, investing $96,000 and increasing his direct ownership to approximately 2.97 million shares.
- Ribbon reported quarterly EPS of $0.07, beating the $0.04 consensus estimate, while revenue of $218.71 million fell slightly short of expectations but rose 1.7% year over year.
- Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and a $3.20 target price; institutional investors own 70.92% of the company.
Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) CEO Bruce Mcclelland bought 60,000 shares of Ribbon Communications stock in a transaction dated Friday, October 30th. The stock was acquired at an average price of $1.60 per share, with a total value of $96,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,969,454 shares of the company's stock, valued at approximately $4,751,126.40. The trade was a 2.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.
Ribbon Communications Stock Performance
NASDAQ:RBBN opened at $1.62 on Tuesday. The company has a market cap of $290.26 million, a P/E ratio of 16.20 and a beta of 1.37. Ribbon Communications Inc. has a twelve month low of $1.28 and a twelve month high of $3.41. The company's 50-day moving average price is $1.74 and its 200-day moving average price is $2.24. The company has a current ratio of 1.31, a quick ratio of 1.03 and a debt-to-equity ratio of 0.82.
Ribbon Communications (NASDAQ:RBBN - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.03. The company had revenue of $218.71 million during the quarter, compared to analysts' expectations of $221.75 million. Ribbon Communications had a net margin of 2.32% and a return on equity of 20.22%. Ribbon Communications's revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.04 EPS. On average, sell-side analysts forecast that Ribbon Communications Inc. will post -0.14 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the company. Rosenblatt Securities dropped their price target on Ribbon Communications from $2.20 to $1.80 and set a "neutral" rating for the company in a research report on Wednesday, October 28th. CL King set a $3.30 price target on Ribbon Communications in a report on Wednesday, July 29th. 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 report on Wednesday, October 28th. Finally, Weiss Ratings reissued 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 given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $3.20.
View Our Latest Stock Analysis on RBBN
Institutional Investors Weigh In On Ribbon Communications
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Ribbon Communications during the second quarter worth about $16,723,000. Paradigm Capital Management Inc. NY acquired a new position in Ribbon Communications in the 2nd quarter valued at about $7,105,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Ribbon Communications in the 2nd quarter valued at approximately $5,179,000. Bank of New York Mellon Corp purchased a new stake in shares of Ribbon Communications in the 2nd quarter valued at approximately $889,000. Finally, Deutsche Bank AG purchased a new stake in shares of Ribbon Communications in the 2nd quarter valued at approximately $192,000. 70.92% of the stock is currently owned by institutional investors and hedge funds.
About Ribbon Communications
(
Get Free Report)
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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