Ribbon Communications (NASDAQ:RBBN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $7.00 target price on the communications equipment provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 17.65% from the stock’s previous close.
According to Zacks, “Sonus Networks, Inc. is a leading provider of voice infrastructure products for the new public network. Sonus’ solutions enable service providers to deploy an integrated network capable of carrying both voice and data traffic, and to deliver a range of innovative, new services. The Sonus Open Services Architecture and award-winning Packet Telephony suite cut the time-to-market for competitive new service products, allowing carriers and third-party developers to expand marketshare and build important new revenue streams.(Press Release) “
Other equities analysts have also issued research reports about the company. BidaskClub lowered Ribbon Communications from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. William Blair restated a “buy” rating on shares of Ribbon Communications in a research report on Monday, June 25th. Cowen upgraded Ribbon Communications from an “underperform” rating to a “market perform” rating in a research report on Wednesday, August 1st. Finally, ValuEngine downgraded Ribbon Communications from a “sell” rating to a “strong sell” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $7.00.
Ribbon Communications (NASDAQ:RBBN) last released its quarterly earnings data on Tuesday, July 31st. The communications equipment provider reported $0.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.12. The company had revenue of $145.00 million for the quarter, compared to analyst estimates of $134.79 million. Ribbon Communications had a positive return on equity of 5.69% and a negative net margin of 16.08%. The business’s revenue for the quarter was up 158.9% compared to the same quarter last year. Equities analysts anticipate that Ribbon Communications will post 0.37 EPS for the current year.
A number of large investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in shares of Ribbon Communications in the 1st quarter valued at $116,000. Jane Street Group LLC purchased a new stake in shares of Ribbon Communications in the 1st quarter valued at $141,000. Rhumbline Advisers raised its holdings in shares of Ribbon Communications by 17.0% in the 2nd quarter. Rhumbline Advisers now owns 54,434 shares of the communications equipment provider’s stock valued at $388,000 after buying an additional 7,912 shares during the period. Virginia Retirement Systems ET AL purchased a new stake in shares of Ribbon Communications in the 2nd quarter valued at $396,000. Finally, Swiss National Bank raised its holdings in shares of Ribbon Communications by 13.1% in the 1st quarter. Swiss National Bank now owns 91,574 shares of the communications equipment provider’s stock valued at $467,000 after buying an additional 10,600 shares during the period. Institutional investors own 80.53% of the company’s stock.
About Ribbon Communications
Ribbon Communications Inc provides networked solutions in the United States, Europe, the Middle East, Africa, Japan, rest of the 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 to modernize communications networks, as well as provides secure real-time communications software, hardware, and cloud-native solutions.
Further Reading: Dow Jones Industrial Average (DJIA)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ribbon Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ribbon Communications and related companies with MarketBeat.com's FREE daily email newsletter.