Insider Buying: Ribbon Communications (NASDAQ:RBBN) CEO Buys $96,000.00 in Stock

Ribbon Communications Inc. (NASDAQ:RBBN) CEO Bruce Mcclelland purchased 60,000 shares of Ribbon Communications stock in a transaction dated Friday, October 30th. The stock was acquired at an average price of $1.60 per share, for a total transaction of $96,000.00. Following the completion of the transaction, the chief executive officer owned 2,969,454 shares in the company, valued at approximately $4,751,126.40. The trade was a 2.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Ribbon Communications Stock Performance

Shares of Ribbon Communications stock opened at $1.54 on Thursday. Ribbon Communications Inc. has a 12 month low of $1.28 and a 12 month high of $3.41. The business has a fifty day simple moving average of $1.72 and a 200-day simple moving average of $2.23. The company has a quick ratio of 1.06, a current ratio of 1.32 and a debt-to-equity ratio of 0.82. The stock has a market cap of $275.92 million, a PE ratio of 3.36 and a beta of 1.46.

Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Tuesday, October 27th. The communications equipment provider reported $0.07 EPS for the quarter, topping the consensus estimate of $0.04 by $0.03. The company had revenue of $218.71 million for the quarter, compared to the consensus estimate of $221.75 million. Ribbon Communications had a return on equity of 20.61% and a net margin of 2.32%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. On average, sell-side analysts anticipate that Ribbon Communications Inc. will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Ribbon Communications

Hedge funds have recently bought and sold shares of the stock. Wedbush Securities Inc. acquired a new stake in shares of Ribbon Communications in the third quarter valued at about $45,000. Seven Mile Advisory acquired a new position in shares of Ribbon Communications in the 3rd quarter worth approximately $110,000. WINTON GROUP Ltd grew its position in Ribbon Communications by 198.1% in the 2nd quarter. WINTON GROUP Ltd now owns 149,404 shares of the communications equipment provider’s stock worth $350,000 after purchasing an additional 99,289 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Ribbon Communications in the second quarter worth about $448,000. Finally, AXQ Capital LP purchased a new stake in shares of Ribbon Communications in the 2nd quarter valued at approximately $25,000. Institutional investors and hedge funds own 70.92% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. CL King set a $3.30 price target on shares of Ribbon Communications in a report on Wednesday, July 29th. Rosenblatt Securities reduced their price target on Ribbon Communications from $2.20 to $1.80 and set a “neutral” rating for the company in a report on Wednesday, October 28th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ribbon Communications in a research report on Friday, August 7th. Finally, B. Riley Financial reissued a “buy” rating and set a $3.10 price target (down from $3.30) on shares of Ribbon Communications in a research note on Wednesday, October 28th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $3.20.

Ribbon Communications Company Profile

Ribbon Communications Inc (NASDAQ: RBBN) provides communications software, networking solutions and related services for service providers, enterprises and government organizations. The company helps customers build, operate and secure voice, data and unified communications networks across cloud, IP and optical environments.

Ribbon’s offerings include session border controllers, voice and unified communications platforms, signaling and routing solutions, policy and analytics tools, and software designed to support cloud communications and 5G networks.