Franklin Resources Inc. decreased its stake in shares of Ribbon Communications Inc. (NASDAQ:RBBN - Free Report) by 18.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,482,698 shares of the communications equipment provider's stock after selling 340,204 shares during the quarter. Franklin Resources Inc. owned about 0.85% of Ribbon Communications worth $4,893,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in RBBN. 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. Royce & Associates LP increased its stake 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. Paradigm Capital Management Inc. NY raised 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 valued at $34,698,000 after purchasing an additional 420,000 shares during the period. 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 valued at $19,012,000 after purchasing an additional 270,972 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 31,644 shares during the last quarter. Institutional investors own 70.92% of the company's stock.
A number of research firms recently weighed in on RBBN. Rosenblatt Securities reissued a "buy" rating and set a $5.00 target price on shares of Ribbon Communications in a report on Wednesday, September 25th. Northland Securities increased their price target on Ribbon Communications from $5.50 to $6.00 and gave the stock an "outperform" rating in a research report on Thursday, December 19th. Four analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ribbon Communications presently has a consensus rating of "Buy" and a consensus target price of $5.88.
Check Out Our Latest Research Report on RBBN
Shares of NASDAQ:RBBN opened at $4.17 on Tuesday. The firm has a 50 day moving average of $3.84 and a 200-day moving average of $3.43. Ribbon Communications Inc. has a 12 month low of $2.46 and a 12 month high of $4.39. The company has a current ratio of 1.42, a quick ratio of 1.16 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $731.35 million, a PE ratio of -13.03 and a beta of 1.14.
Ribbon Communications (NASDAQ:RBBN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The communications equipment provider reported $0.05 EPS 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 analyst estimates of $212.17 million. Ribbon Communications had a negative net margin of 6.62% and a positive return on equity of 5.41%. The firm's revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.03 earnings per share. On average, equities research analysts predict that Ribbon Communications Inc. will post 0.13 EPS for the current fiscal year.
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.
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