Ribbon Communications (NASDAQ:RBBN) Shares Down 4.2% - Here's Why

Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) dropped 4.2% during mid-day trading on Friday . The stock traded as low as $3.40 and last traded at $3.41. Approximately 165,477 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 363,273 shares. The stock had previously closed at $3.56.

Analysts Set New Price Targets

Separately, Rosenblatt Securities reissued a "buy" rating and issued a $5.00 price objective on shares of Ribbon Communications in a research note on Wednesday, September 25th.

Ribbon Communications Trading Down 4.2 %

The firm has a market capitalization of $595.15 million, a PE ratio of -10.66 and a beta of 1.09. The stock's 50-day moving average price is $3.17 and its 200 day moving average price is $3.16. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.48 and a quick ratio of 1.19.

Ribbon Communications (NASDAQ:RBBN - Get Free Report) last issued its earnings results on Wednesday, July 24th. The communications equipment provider reported $0.03 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01). The company had revenue of $192.62 million for the quarter, compared to analysts' expectations of $203.05 million. Ribbon Communications had a positive return on equity of 5.32% and a negative net margin of 6.68%. During the same period last year, the business posted $0.01 earnings per share. On average, sell-side analysts expect that Ribbon Communications Inc. will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Ribbon Communications

Several institutional investors have recently bought and sold shares of the company. Panagora Asset Management Inc. boosted 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 in the last quarter. XTX Topco Ltd boosted its stake in Ribbon Communications by 6.3% in the second quarter. XTX Topco Ltd now owns 79,802 shares of the communications equipment provider's stock valued at $263,000 after acquiring an additional 4,746 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Ribbon Communications by 4.6% during the second quarter. Rhumbline Advisers now owns 152,619 shares of the communications equipment provider's stock worth $502,000 after buying an additional 6,668 shares during the period. Pacific Ridge Capital Partners LLC lifted its stake in shares of Ribbon Communications by 7.1% during the first quarter. Pacific Ridge Capital Partners LLC now owns 148,591 shares of the communications equipment provider's stock worth $475,000 after buying an additional 9,822 shares during the period. Finally, Innealta Capital LLC acquired a new stake in shares of Ribbon Communications during the first quarter worth $32,000. 70.92% of the stock is currently owned by institutional investors and hedge funds.

About Ribbon Communications

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.