Jane Street Group LLC Sells 19,588 Shares of Ribbon Communications Inc. (NASDAQ:RBBN)

Jane Street Group LLC trimmed its stake in Ribbon Communications Inc. (NASDAQ:RBBN) by 20.6% in the third quarter, Holdings Channel reports. The firm owned 75,290 shares of the communications equipment provider’s stock after selling 19,588 shares during the quarter. Jane Street Group LLC’s holdings in Ribbon Communications were worth $245,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Victory Capital Management Inc. grew its stake in Ribbon Communications by 59.4% in the third quarter. Victory Capital Management Inc. now owns 504,503 shares of the communications equipment provider’s stock valued at $1,640,000 after purchasing an additional 188,077 shares in the last quarter. Royce & Associates LP grew its stake in Ribbon Communications by 18.0% in the third quarter. Royce & Associates LP now owns 2,536,278 shares of the communications equipment provider’s stock valued at $8,243,000 after purchasing an additional 386,518 shares in the last quarter. Paradigm Capital Management Inc. NY grew its stake in Ribbon Communications by 4.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 10,546,400 shares of the communications equipment provider’s stock valued at $34,698,000 after purchasing an additional 420,000 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Ribbon Communications by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 5,779,416 shares of the communications equipment provider’s stock valued at $19,012,000 after purchasing an additional 270,972 shares in the last quarter. Finally, State Street Corp grew 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 valued at $6,171,000 after purchasing an additional 7,963 shares in the last quarter. 70.92% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RBBN shares. Northland Securities raised 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 reissued a “buy” rating and set a $5.50 price target on shares of Ribbon Communications in a report on Monday, December 30th. Four research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $6.00.

Ribbon Communications Stock Performance

NASDAQ:RBBN opened at $3.95 on Friday. The stock has a market cap of $692.77 million, a P/E ratio of -12.34 and a beta of 1.12. The stock has a 50 day simple moving average of $4.00 and a 200 day simple moving average of $3.53. The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. Ribbon Communications Inc. has a 1-year low of $2.46 and a 1-year high of $4.39.

Ribbon Communications (NASDAQ:RBBN) last released its earnings results on Wednesday, October 23rd. The communications equipment provider reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $210.00 million for the quarter, compared to the consensus estimate of $212.17 million. Ribbon Communications had a negative net margin of 6.62% and a positive return on equity of 5.41%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. Research analysts anticipate that Ribbon Communications Inc. will post 0.13 earnings per share for the current year.

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.