Ribbon Communications (NASDAQ:RBBN) Shares Gap Up Following Earnings Beat

Ribbon Communications Inc. (NASDAQ:RBBN - Get Free Report) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $4.33, but opened at $4.69. Ribbon Communications shares last traded at $4.68, with a volume of 1,129,776 shares changing hands.

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 negative net margin of 6.62% and a positive return on equity of 5.41%.

Wall Street Analysts Forecast Growth

RBBN has been the topic of a number of analyst reports. Rosenblatt Securities reissued a "buy" rating and set a $5.50 price objective on shares of Ribbon Communications in a report on Monday, December 30th. StockNews.com upgraded Ribbon Communications from a "buy" rating to a "strong-buy" rating in a report on Friday. Northland Securities raised their target price on shares of Ribbon Communications from $5.50 to $6.00 and gave the company an "outperform" rating in a research note on Thursday, December 19th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $6.00 price target on shares of Ribbon Communications in a research report on Thursday. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Ribbon Communications currently has an average rating of "Buy" and a consensus target price of $6.00.

Institutional Trading of Ribbon Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new stake in Ribbon Communications in the 3rd quarter worth $34,000. Walleye Capital LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $43,000. Polymer Capital Management US LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $55,000. Penn Capital Management Company LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $56,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Ribbon Communications during the 4th quarter worth approximately $59,000. 70.92% of the stock is currently owned by institutional investors and hedge funds.

Ribbon Communications Price Performance

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 fifty day moving average price of $4.12 and a two-hundred day moving average price of $3.66. The company has a market cap of $899.70 million, a price-to-earnings ratio of -16.03 and a beta of 1.11.

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.