Ribbon Communications (NASDAQ:RBBN) Given “Buy” Rating at Rosenblatt Securities

Ribbon Communications (NASDAQ:RBBN)‘s stock had its “buy” rating reiterated by analysts at Rosenblatt Securities in a report issued on Wednesday, Benzinga reports. They presently have a $5.00 target price on the communications equipment provider’s stock. Rosenblatt Securities’ target price suggests a potential upside of 59.24% from the stock’s previous close.

Ribbon Communications Stock Performance

RBBN stock opened at $3.14 on Wednesday. The stock has a 50-day moving average price of $3.20 and a 200-day moving average price of $3.13. Ribbon Communications has a 1-year low of $1.78 and a 1-year high of $3.95. The company has a current ratio of 1.48, a quick ratio of 1.19 and a debt-to-equity ratio of 0.82. The firm has a market cap of $548.02 million, a PE ratio of -8.97 and a beta of 1.09.

Ribbon Communications (NASDAQ:RBBN) last issued its earnings results on Wednesday, July 24th. The communications equipment provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Ribbon Communications had a negative net margin of 6.68% and a positive return on equity of 5.32%. The firm had revenue of $192.62 million during the quarter, compared to the consensus estimate of $203.05 million. During the same period in the previous year, the firm earned $0.01 earnings per share. As a group, equities research analysts expect that Ribbon Communications will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On Ribbon Communications

Hedge funds have recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY boosted its stake in Ribbon Communications by 4.1% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock valued at $34,698,000 after purchasing an additional 420,000 shares during the last quarter. Brown Advisory Inc. acquired a new position in Ribbon Communications during the 4th quarter valued at about $33,000. Bank of New York Mellon Corp boosted its stake in Ribbon Communications by 7.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 434,204 shares of the communications equipment provider’s stock valued at $1,429,000 after purchasing an additional 31,644 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Ribbon Communications by 79.1% during the 1st quarter. BNP Paribas Financial Markets now owns 43,790 shares of the communications equipment provider’s stock valued at $140,000 after purchasing an additional 19,346 shares during the last quarter. Finally, MQS Management LLC purchased a new position in shares of Ribbon Communications in the 2nd quarter worth approximately $100,000. Institutional investors and hedge funds own 70.92% 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.