D. E. Shaw & Co. Inc. boosted its holdings in shares of Ribbon Communications Inc (NASDAQ:RBBN) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 908,132 shares of the communications equipment provider’s stock after acquiring an additional 12,453 shares during the quarter. D. E. Shaw & Co. Inc. owned approximately 0.85% of Ribbon Communications worth $4,377,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. PEAK6 Investments LLC acquired a new stake in shares of Ribbon Communications in the fourth quarter worth $59,000. Prudential Financial Inc. grew its stake in shares of Ribbon Communications by 23.3% in the fourth quarter. Prudential Financial Inc. now owns 15,666 shares of the communications equipment provider’s stock worth $76,000 after acquiring an additional 2,963 shares during the last quarter. Citigroup Inc. grew its stake in shares of Ribbon Communications by 17.5% in the fourth quarter. Citigroup Inc. now owns 17,753 shares of the communications equipment provider’s stock worth $86,000 after acquiring an additional 2,642 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Ribbon Communications in the third quarter worth $202,000. Finally, Victory Capital Management Inc. acquired a new stake in shares of Ribbon Communications in the fourth quarter worth $156,000. 79.80% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on RBBN shares. Zacks Investment Research upgraded shares of Ribbon Communications from a “hold” rating to a “buy” rating and set a $5.75 price objective on the stock in a research note on Tuesday, January 8th. Northland Securities reaffirmed a “buy” rating and issued a $9.00 target price on shares of Ribbon Communications in a research report on Tuesday, February 26th. BidaskClub raised Ribbon Communications from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 16th. Finally, ValuEngine raised Ribbon Communications from a “strong sell” rating to a “sell” rating in a research report on Friday, January 4th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $7.75.
Ribbon Communications (NASDAQ:RBBN) last issued its earnings results on Wednesday, February 20th. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $173.00 million during the quarter, compared to analysts’ expectations of $171.81 million. Ribbon Communications had a positive return on equity of 8.59% and a negative net margin of 13.29%. Ribbon Communications’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $0.27 earnings per share. Equities research analysts anticipate that Ribbon Communications Inc will post 0.54 EPS for the current year.
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Ribbon Communications Profile
Ribbon Communications Inc provides networked solutions in the United States, Europe, the Middle East, Africa, Japan, other Asia Pacific, and internationally. The company offers service provider solutions, such as fixed network transformation, mobile network evolution, secure network interconnects, network functions virtualization, cloud communications, and communications security solutions that enables secure and innovative business and consumer communications services.
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