Victory Capital Management Inc. Has $1.64 Million Position 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 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 504,503 shares of the communications equipment provider’s stock after acquiring an additional 188,077 shares during the period. Victory Capital Management Inc.’s holdings in Ribbon Communications were worth $1,640,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its holdings in Ribbon Communications by 19.1% in the third quarter. Assenagon Asset Management S.A. now owns 129,984 shares of the communications equipment provider’s stock worth $422,000 after purchasing an additional 20,826 shares in the last quarter. SG Americas Securities LLC grew its holdings in Ribbon Communications by 81.3% in the 3rd quarter. SG Americas Securities LLC now owns 34,793 shares of the communications equipment provider’s stock valued at $113,000 after buying an additional 15,604 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Ribbon Communications in the 2nd quarter worth approximately $132,000. Algert Global LLC lifted its holdings in shares of Ribbon Communications by 9.5% during the second quarter. Algert Global LLC now owns 228,327 shares of the communications equipment provider’s stock worth $751,000 after buying an additional 19,775 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC boosted its position in shares of 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. 70.92% of the stock is owned by hedge funds and other institutional investors.

Ribbon Communications Stock Down 1.0 %

NASDAQ RBBN opened at $3.86 on Tuesday. 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 company has a market capitalization of $676.98 million, a price-to-earnings ratio of -12.50 and a beta of 1.08. Ribbon Communications Inc. has a 1-year low of $2.06 and a 1-year high of $4.31. The stock’s 50 day moving average is $3.51 and its two-hundred day moving average is $3.31.

Ribbon Communications (NASDAQ:RBBN) last announced its earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $212.17 million. During the same quarter last year, the business earned $0.03 EPS. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts forecast that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.