Renaissance Technologies LLC Purchases Shares of 75,212 Ribbon Communications Inc. (NASDAQ:RBBN)

Renaissance Technologies LLC acquired a new position in Ribbon Communications Inc. (NASDAQ:RBBN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 75,212 shares of the communications equipment provider’s stock, valued at approximately $247,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Ribbon Communications in the first quarter worth approximately $32,000. Gladius Capital Management LP acquired a new position in shares of Ribbon Communications during the 2nd quarter valued at $34,000. BNP Paribas Financial Markets boosted its stake in Ribbon Communications by 79.1% during the first quarter. BNP Paribas Financial Markets now owns 43,790 shares of the communications equipment provider’s stock worth $140,000 after acquiring an additional 19,346 shares in the last quarter. Pacific Ridge Capital Partners LLC grew its holdings in Ribbon Communications by 7.1% in the first quarter. Pacific Ridge Capital Partners LLC now owns 148,591 shares of the communications equipment provider’s stock worth $475,000 after purchasing an additional 9,822 shares during the period. Finally, Rhumbline Advisers increased its stake in 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 purchasing an additional 6,668 shares in the last quarter. 70.92% of the stock is owned by institutional investors and hedge funds.

Ribbon Communications Stock Performance

NASDAQ RBBN opened at $3.35 on Friday. The company has a market cap of $582.60 million, a P/E ratio of -9.57 and a beta of 1.09. The company has a fifty day simple moving average of $3.13 and a 200 day simple moving average of $3.15. The company has a current ratio of 1.48, a quick ratio of 1.19 and a debt-to-equity ratio of 0.82. Ribbon Communications Inc. has a 12-month low of $1.78 and a 12-month high of $3.95.

Ribbon Communications (NASDAQ:RBBN) last announced its earnings results on Wednesday, July 24th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). Ribbon Communications had a negative net margin of 6.68% and a positive return on equity of 5.32%. The company had revenue of $192.62 million for the quarter, compared to analysts’ expectations of $203.05 million. During the same period in the previous year, the firm earned $0.01 EPS. Sell-side analysts predict that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.