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

Ribbon Communications (NASDAQ:RBBN) had its price target hoisted by Northland Securities from $5.50 to $6.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price target would suggest a potential upside of 53.85% from the company’s current price.

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

Ribbon Communications Stock Down 5.1 %

RBBN stock opened at $3.90 on Thursday. 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 firm has a market capitalization of $684.00 million, a P/E ratio of -12.19 and a beta of 1.14. Ribbon Communications has a 52-week low of $2.46 and a 52-week high of $4.31. The company’s 50 day simple moving average is $3.79 and its 200-day simple moving average is $3.40.

Ribbon Communications (NASDAQ:RBBN) last announced its quarterly earnings data 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). The business had revenue of $210.00 million for the quarter, compared to analyst estimates of $212.17 million. Ribbon Communications had a positive return on equity of 5.41% and a negative net margin of 6.62%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 earnings per share. As a group, equities research analysts anticipate that Ribbon Communications will post 0.13 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its holdings in Ribbon Communications by 7.9% in the 2nd 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 during the period. Panagora Asset Management Inc. increased its stake in Ribbon Communications by 2.4% in the second quarter. Panagora Asset Management Inc. now owns 195,509 shares of the communications equipment provider’s stock valued at $643,000 after acquiring an additional 4,553 shares during the period. Rhumbline Advisers raised its position in Ribbon Communications by 4.6% in the second quarter. Rhumbline Advisers now owns 152,619 shares of the communications equipment provider’s stock worth $502,000 after purchasing an additional 6,668 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Ribbon Communications by 4.9% in the 2nd 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 in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Ribbon Communications during the second quarter valued at $247,000. 70.92% of the stock is owned by institutional investors.

Ribbon Communications Company 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.