Ribbon Communications Inc. (NASDAQ:RBBN) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Ribbon Communications Inc. (NASDAQ:RBBN) by 10.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 327,544 shares of the communications equipment provider’s stock after selling 37,625 shares during the quarter. Bank of New York Mellon Corp’s holdings in Ribbon Communications were worth $1,363,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in Ribbon Communications by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,101,366 shares of the communications equipment provider’s stock valued at $6,830,000 after purchasing an additional 27,999 shares in the last quarter. State Street Corp lifted its holdings in Ribbon Communications by 0.4% in the 3rd 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. Charles Schwab Investment Management Inc. lifted its holdings in Ribbon Communications by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 762,892 shares of the communications equipment provider’s stock valued at $2,479,000 after purchasing an additional 13,984 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Ribbon Communications by 59.4% in the 3rd 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. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Ribbon Communications by 12.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 416,356 shares of the communications equipment provider’s stock valued at $1,353,000 after purchasing an additional 46,476 shares in the last quarter. Institutional investors and hedge funds own 70.92% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on RBBN. Rosenblatt Securities restated a “buy” rating and issued a $5.50 price objective on shares of Ribbon Communications in a report on Monday, December 30th. Northland Securities raised their price objective on Ribbon Communications from $5.50 to $6.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. JMP Securities reiterated a “market outperform” rating and set a $6.00 price target on shares of Ribbon Communications in a report on Thursday, February 13th. Finally, StockNews.com upgraded Ribbon Communications from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 13th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $6.00.

Ribbon Communications Price Performance

Shares of NASDAQ:RBBN opened at $4.01 on Monday. The business has a 50-day moving average price of $4.27 and a 200 day moving average price of $3.87. 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 company has a market capitalization of $704.65 million, a price-to-earnings ratio of -12.53 and a beta of 1.23. Ribbon Communications Inc. has a 12-month low of $2.47 and a 12-month high of $5.38.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings data on Wednesday, February 12th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. Ribbon Communications had a positive return on equity of 7.36% and a negative net margin of 6.50%. Sell-side analysts expect that Ribbon Communications Inc. will post 0.18 EPS for the current year.

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.