State Street Corp Has $6.17 Million Holdings in Ribbon Communications Inc. (NASDAQ:RBBN)

State Street Corp increased its position in Ribbon Communications Inc. (NASDAQ:RBBN) by 0.4% in the third quarter, Holdings Channel.com reports. The firm owned 1,898,714 shares of the communications equipment provider’s stock after acquiring an additional 7,963 shares during the period. State Street Corp’s holdings in Ribbon Communications were worth $6,171,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted 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 worth $2,479,000 after acquiring an additional 13,984 shares during the last quarter. Intech Investment Management LLC acquired a new position in Ribbon Communications during the 3rd quarter worth approximately $34,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Ribbon Communications by 12.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 416,356 shares of the communications equipment provider’s stock worth $1,353,000 after buying an additional 46,476 shares during the last quarter. Royce & Associates LP increased its position in shares of Ribbon Communications by 18.0% during 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 during the last quarter. Finally, Victory Capital Management Inc. raised its position in Ribbon Communications by 59.4% during the third 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. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Ribbon Communications Stock Down 4.7 %

Shares of NASDAQ RBBN opened at $4.10 on Friday. The firm has a market cap of $719.07 million, a PE ratio of -12.81 and a beta of 1.14. The company has a 50 day simple moving average of $3.91 and a 200 day simple moving average of $3.46. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.42 and a quick ratio of 1.16. Ribbon Communications Inc. has a 1 year low of $2.46 and a 1 year high of $4.39.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $212.17 million. During the same period last year, the company posted $0.03 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts forecast that Ribbon Communications Inc. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Northland Securities increased their price target on 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 reiterated a “buy” rating and set a $5.00 price objective on shares of Ribbon Communications in a research note on Wednesday, September 25th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $5.88.

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.