Victory Capital Management Inc. Raises Stake in Ribbon Communications Inc. (NASDAQ:RBBN)

Victory Capital Management Inc. grew its stake in shares of Ribbon Communications Inc. (NASDAQ:RBBN) by 59.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 504,503 shares of the communications equipment provider’s stock after purchasing an additional 188,077 shares during the quarter. Victory Capital Management Inc. owned 0.29% of Ribbon Communications worth $1,640,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of RBBN. Assenagon Asset Management S.A. grew its position in shares of Ribbon Communications by 19.1% during the third quarter. Assenagon Asset Management S.A. now owns 129,984 shares of the communications equipment provider’s stock worth $422,000 after buying an additional 20,826 shares in the last quarter. SG Americas Securities LLC increased its stake in Ribbon Communications by 81.3% during the third quarter. SG Americas Securities LLC now owns 34,793 shares of the communications equipment provider’s stock valued at $113,000 after purchasing an additional 15,604 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Ribbon Communications in the 2nd quarter worth about $132,000. Algert Global LLC boosted its holdings in shares of Ribbon Communications by 9.5% in the 2nd quarter. Algert Global LLC now owns 228,327 shares of the communications equipment provider’s stock valued at $751,000 after buying an additional 19,775 shares during the period. Finally, Pacific Ridge Capital Partners LLC boosted its stake in Ribbon Communications by 49.0% in the second quarter. Pacific Ridge Capital Partners LLC now owns 221,334 shares of the communications equipment provider’s stock valued at $728,000 after acquiring an additional 72,743 shares during the period. Institutional investors and hedge funds own 70.92% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities restated a “buy” rating and set a $5.00 price objective on shares of Ribbon Communications in a research note on Wednesday, September 25th.

Ribbon Communications Stock Performance

Shares of RBBN stock opened at $3.86 on Tuesday. Ribbon Communications Inc. has a 12-month low of $2.06 and a 12-month high of $4.31. The business has a 50 day simple moving average of $3.51 and a 200 day simple moving average of $3.31. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.42 and a quick ratio of 1.16. The firm has a market capitalization of $676.98 million, a price-to-earnings ratio of -12.50 and a beta of 1.08.

Ribbon Communications (NASDAQ:RBBN) last released its earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). Ribbon Communications had a positive return on equity of 5.41% and a negative net margin of 6.62%. The firm had revenue of $210.00 million during the quarter, compared to analyst estimates of $212.17 million. During the same quarter last year, the company earned $0.03 earnings per share. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Ribbon Communications Inc. will post 0.13 EPS for the current year.

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.