Barclays PLC Acquires 102,969 Shares of Ribbon Communications Inc. (NASDAQ:RBBN)

Barclays PLC increased its holdings in Ribbon Communications Inc. (NASDAQ:RBBN) by 153.4% in the third quarter, HoldingsChannel.com reports. The fund owned 170,110 shares of the communications equipment provider’s stock after acquiring an additional 102,969 shares during the period. Barclays PLC’s holdings in Ribbon Communications were worth $553,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in shares of Ribbon Communications by 59.4% in the 3rd quarter. Victory Capital Management Inc. now owns 504,503 shares of the communications equipment provider’s stock worth $1,640,000 after acquiring an additional 188,077 shares in the last quarter. Royce & Associates LP grew its holdings in Ribbon Communications by 18.0% in the third quarter. Royce & Associates LP now owns 2,536,278 shares of the communications equipment provider’s stock worth $8,243,000 after purchasing an additional 386,518 shares during the period. Paradigm Capital Management Inc. NY grew its holdings in Ribbon Communications by 4.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock worth $34,698,000 after purchasing an additional 420,000 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Ribbon Communications by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 5,779,416 shares of the communications equipment provider’s stock valued at $19,012,000 after purchasing an additional 270,972 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Ribbon Communications by 0.4% during the third quarter. State Street Corp now owns 1,898,714 shares of the communications equipment provider’s stock valued at $6,171,000 after purchasing an additional 7,963 shares during the last quarter. Hedge funds and other institutional investors own 70.92% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on RBBN shares. Rosenblatt Securities reiterated a “buy” rating and set a $5.50 price objective on shares of Ribbon Communications in a research note on Monday. Northland Securities lifted their price target on Ribbon Communications from $5.50 to $6.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Four analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $6.00.

Ribbon Communications Stock Performance

RBBN opened at $3.96 on Friday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.16 and a current ratio of 1.42. The stock has a market capitalization of $694.52 million, a price-to-earnings ratio of -12.37 and a beta of 1.14. The company has a fifty day moving average of $3.96 and a 200 day moving average of $3.49. Ribbon Communications Inc. has a fifty-two week low of $2.46 and a fifty-two week high of $4.39.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $210.00 million during the quarter, compared to the consensus estimate of $212.17 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, sell-side analysts forecast that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

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.