Ribbon Communications (NASDAQ:RBBN)‘s stock had its “buy” rating restated by equities researchers at William Blair in a report released on Monday.
The analysts wrote, “We note that the stock has been a victim of a thin float and what we believe is largely machine-driven buying and selling, in the technical range of between $6.50 and $8.50 per share. The stock broke all technical indicators after the last quarter’s results—which, judging by the investor reaction, were perceived as troubling—sending it well below $6.00 per share and its 50-day moving average. We, to the contrary , saw no glaringly surprising issues from the earnings report, and would advocate investors to double down here.””
A number of other research firms also recently weighed in on RBBN. Zacks Investment Research downgraded shares of Ribbon Communications from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 4th. BidaskClub downgraded shares of Ribbon Communications from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Finally, ValuEngine downgraded shares of Ribbon Communications from a “hold” rating to a “sell” rating in a report on Monday, February 5th. Four analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $7.25.
Ribbon Communications (NASDAQ:RBBN) last released its quarterly earnings results on Thursday, March 1st. The communications equipment provider reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The business had revenue of $169.50 million for the quarter, compared to the consensus estimate of $150.25 million. Ribbon Communications had a negative net margin of 10.68% and a positive return on equity of 3.22%. The firm’s revenue for the quarter was up 150.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 EPS. equities research analysts anticipate that Ribbon Communications will post -0.28 EPS for the current year.
In other news, CEO Franklin W. Iv Hobbs bought 75,000 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The shares were purchased at an average price of $5.66 per share, for a total transaction of $424,500.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 7.68% of the company’s stock.
Several large investors have recently bought and sold shares of the company. MetLife Investment Advisors LLC bought a new position in shares of Ribbon Communications during the 4th quarter worth about $186,000. Millennium Management LLC bought a new position in shares of Ribbon Communications during the 4th quarter worth about $1,375,000. Engine Capital Management LLC bought a new position in shares of Ribbon Communications during the 4th quarter worth about $3,377,000. TIAA CREF Investment Management LLC bought a new position in shares of Ribbon Communications during the 4th quarter worth about $2,017,000. Finally, Teachers Advisors LLC bought a new position in shares of Ribbon Communications during the 4th quarter worth about $861,000. Institutional investors own 83.86% of the company’s stock.
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About Ribbon Communications
Sonus Networks, Inc, formerly Solstice Sapphire Investments, Inc, is a provider of networked solutions for communications service providers and enterprises to help them secure and unify their real-time communications infrastructures. The Company helps communications service providers and enterprises hold the session initiation protocol (SIP) and fourth generation (4G)/long term evolution (LTE)-based solutions, including voice over Internet protocol (VoIP), voice over wireless fidelity (VoWiFi), video and unified communications (UC) by securing and enabling Internet Protocol (IP) networks.
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