Geode Capital Management LLC Buys 27,999 Shares of Ribbon Communications Inc. (NASDAQ:RBBN)

Geode Capital Management LLC boosted its position in Ribbon Communications Inc. (NASDAQ:RBBN) by 1.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,101,366 shares of the communications equipment provider’s stock after buying an additional 27,999 shares during the period. Geode Capital Management LLC’s holdings in Ribbon Communications were worth $6,830,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RBBN. Paradigm Capital Management Inc. NY grew its stake 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 valued at $34,698,000 after acquiring an additional 420,000 shares during the period. Dimensional Fund Advisors LP raised its position 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 worth $19,012,000 after purchasing an additional 270,972 shares during the period. Royce & Associates LP lifted its holdings in shares of Ribbon Communications by 18.0% in the 3rd 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 in the last quarter. State Street Corp grew its position in Ribbon Communications by 0.4% in the 3rd 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 period. Finally, Charles Schwab Investment Management Inc. increased its stake in Ribbon Communications by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 762,892 shares of the communications equipment provider’s stock valued at $2,479,000 after purchasing an additional 13,984 shares in the last quarter. 70.92% of the stock is owned by institutional investors and hedge funds.

Ribbon Communications Trading Up 2.0 %

NASDAQ RBBN opened at $4.04 on Friday. The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. The business has a fifty day simple moving average of $3.97 and a 200 day simple moving average of $3.50. Ribbon Communications Inc. has a 12 month low of $2.46 and a 12 month high of $4.39. The firm has a market capitalization of $708.55 million, a P/E ratio of -12.62 and a beta of 1.12.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Northland Securities raised their price objective on shares of Ribbon Communications from $5.50 to $6.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and issued a $5.50 target price on shares of Ribbon Communications in a report on Monday, December 30th. Four equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.00.

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.