Assenagon Asset Management S.A. Purchases 20,826 Shares of Ribbon Communications Inc. (NASDAQ:RBBN)

Assenagon Asset Management S.A. boosted its position in Ribbon Communications Inc. (NASDAQ:RBBN) by 19.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 129,984 shares of the communications equipment provider’s stock after acquiring an additional 20,826 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Ribbon Communications worth $422,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RBBN. Paradigm Capital Management Inc. NY lifted its holdings in shares of Ribbon Communications by 4.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock worth $34,698,000 after purchasing an additional 420,000 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in 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 buying an additional 270,972 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Ribbon Communications by 7.9% in the second quarter. Bank of New York Mellon Corp now owns 434,204 shares of the communications equipment provider’s stock valued at $1,429,000 after buying an additional 31,644 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Ribbon Communications by 79.1% in the first quarter. BNP Paribas Financial Markets now owns 43,790 shares of the communications equipment provider’s stock valued at $140,000 after buying an additional 19,346 shares in the last quarter. Finally, MQS Management LLC acquired a new position in shares of Ribbon Communications during the second quarter valued at about $100,000. Institutional investors and hedge funds own 70.92% of the company’s stock.

Ribbon Communications Price Performance

RBBN opened at $3.66 on Monday. Ribbon Communications Inc. has a 1 year low of $1.85 and a 1 year high of $3.95. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.42 and a quick ratio of 1.16. The company has a market capitalization of $641.89 million, a price-to-earnings ratio of -11.44 and a beta of 1.08. The firm’s fifty day moving average price is $3.26 and its two-hundred day moving average price is $3.21.

Ribbon Communications (NASDAQ:RBBN) last released its quarterly earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). The firm had revenue of $210.00 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share. As a group, analysts anticipate that Ribbon Communications Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Ribbon Communications 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.