Victory Capital Management Inc. lessened its position in shares of Ribbon Communications Inc. (NASDAQ:RBBN – Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 316,426 shares of the communications equipment provider’s stock after selling 5,118 shares during the quarter. Victory Capital Management Inc. owned approximately 0.18% of Ribbon Communications worth $1,041,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in shares of Ribbon Communications during the 1st quarter valued at about $32,000. Brown Advisory Inc. purchased a new position in Ribbon Communications during the fourth quarter worth approximately $33,000. Gladius Capital Management LP acquired a new stake in Ribbon Communications in the second quarter valued at approximately $34,000. BNP Paribas Financial Markets grew its holdings in Ribbon Communications by 79.1% in the first 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 period. Finally, SG Capital Management LLC increased its position in shares of Ribbon Communications by 5.3% in the fourth quarter. SG Capital Management LLC now owns 88,110 shares of the communications equipment provider’s stock valued at $256,000 after buying an additional 4,449 shares in the last quarter. Hedge funds and other institutional investors own 70.92% of the company’s stock.
Ribbon Communications Stock Down 1.9 %
RBBN opened at $3.05 on Friday. The company has a market cap of $530.43 million, a PE ratio of -8.71 and a beta of 1.09. Ribbon Communications Inc. has a twelve month low of $1.78 and a twelve month high of $3.95. The company has a 50-day moving average price of $3.23 and a 200 day moving average price of $3.12. The company has a quick ratio of 1.19, a current ratio of 1.48 and a debt-to-equity ratio of 0.82.
Analyst Upgrades and Downgrades
Separately, Rosenblatt Securities reiterated a “buy” rating and set a $5.00 target price on shares of Ribbon Communications in a research report on Thursday, July 25th.
Get Our Latest Stock Analysis on RBBN
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.
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