Northland Securities Increases Ribbon Communications (NASDAQ:RBBN) Price Target to $6.00

Ribbon Communications (NASDAQ:RBBN) had its price objective upped by Northland Securities from $5.50 to $6.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price target points to a potential upside of 43.88% from the company’s previous close.

Separately, Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Ribbon Communications in a research report on Wednesday, September 25th. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $5.88.

Ribbon Communications Price Performance

Ribbon Communications stock opened at $4.17 on Thursday. Ribbon Communications has a 12-month low of $2.46 and a 12-month high of $4.31. 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 firm has a 50-day moving average price of $3.83 and a 200-day moving average price of $3.42. The firm has a market capitalization of $731.35 million, a PE ratio of -13.03 and a beta of 1.14.

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

Institutional Trading of Ribbon Communications

A number of large investors have recently modified their holdings of RBBN. Panagora Asset Management Inc. raised its position in Ribbon Communications by 2.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 195,509 shares of the communications equipment provider’s stock valued at $643,000 after purchasing an additional 4,553 shares in the last quarter. XTX Topco Ltd raised its holdings in shares of Ribbon Communications by 6.3% in the second quarter. XTX Topco Ltd now owns 79,802 shares of the communications equipment provider’s stock valued at $263,000 after acquiring an additional 4,746 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Ribbon Communications by 4.6% in the second quarter. Rhumbline Advisers now owns 152,619 shares of the communications equipment provider’s stock valued at $502,000 after acquiring an additional 6,668 shares in the last quarter. State Street Corp lifted its stake in Ribbon Communications by 0.4% in the third quarter. State Street Corp now owns 1,898,714 shares of the communications equipment provider’s stock worth $6,171,000 after acquiring an additional 7,963 shares during the period. Finally, Intech Investment Management LLC bought a new position in Ribbon Communications during the 3rd quarter worth about $34,000. Hedge funds and other institutional investors own 70.92% of the company’s stock.

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.