NewEdge Wealth LLC Invests $40,000 in Ribbon Communications Inc. (NASDAQ:RBBN)

NewEdge Wealth LLC bought a new position in shares of Ribbon Communications Inc. (NASDAQ:RBBN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 13,803 shares of the communications equipment provider’s stock, valued at approximately $40,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Rhumbline Advisers lifted its holdings in shares of Ribbon Communications by 3.6% during the first quarter. Rhumbline Advisers now owns 116,742 shares of the communications equipment provider’s stock worth $399,000 after buying an additional 4,004 shares in the last quarter. Sei Investments Co. raised its stake in Ribbon Communications by 21.9% in the first quarter. Sei Investments Co. now owns 23,058 shares of the communications equipment provider’s stock valued at $49,000 after purchasing an additional 4,138 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Ribbon Communications by 15.1% in the second quarter. The Manufacturers Life Insurance Company now owns 38,032 shares of the communications equipment provider’s stock valued at $106,000 after purchasing an additional 5,002 shares in the last quarter. Jane Street Group LLC raised its stake in Ribbon Communications by 36.5% in the fourth quarter. Jane Street Group LLC now owns 20,171 shares of the communications equipment provider’s stock valued at $56,000 after purchasing an additional 5,394 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Ribbon Communications by 9.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 61,480 shares of the communications equipment provider’s stock valued at $137,000 after purchasing an additional 5,399 shares in the last quarter. Institutional investors and hedge funds own 70.92% of the company’s stock.

Wall Street Analyst Weigh In

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

Ribbon Communications Trading Up 0.4 %

RBBN stock opened at $2.58 on Friday. The business has a 50-day simple moving average of $3.03 and a 200 day simple moving average of $2.68. Ribbon Communications Inc. has a 52 week low of $1.78 and a 52 week high of $3.65. The company has a quick ratio of 1.00, a current ratio of 1.23 and a debt-to-equity ratio of 0.44.

Ribbon Communications (NASDAQ:RBBN) last posted its quarterly earnings results on Wednesday, February 14th. The communications equipment provider reported $0.10 EPS for the quarter, meeting analysts’ consensus estimates of $0.10. The business had revenue of $226.40 million during the quarter, compared to the consensus estimate of $233.63 million. Ribbon Communications had a positive return on equity of 3.53% and a negative net margin of 8.01%. Equities research analysts predict that Ribbon Communications Inc. will post 0.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ribbon Communications news, Director Bruns H. Grayson bought 100,000 shares of the stock in a transaction on Friday, March 15th. The stock was purchased at an average price of $2.89 per share, with a total value of $289,000.00. Following the completion of the purchase, the director now owns 590,175 shares in the company, valued at $1,705,605.75. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In other Ribbon Communications news, EVP Dan Redington sold 23,964 shares of the business’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $3.09, for a total transaction of $74,048.76. Following the completion of the transaction, the executive vice president now owns 101,291 shares of the company’s stock, valued at $312,989.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Bruns H. Grayson purchased 100,000 shares of Ribbon Communications stock in a transaction dated Friday, March 15th. The shares were purchased at an average price of $2.89 per share, for a total transaction of $289,000.00. Following the completion of the acquisition, the director now owns 590,175 shares of the company’s stock, valued at approximately $1,705,605.75. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 103,000 shares of company stock valued at $297,720 and sold 66,000 shares valued at $205,119. Insiders own 1.91% of the company’s stock.

About Ribbon Communications

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.