Ribbon Communications Inc (NASDAQ:RBBN) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 642,800 shares, a decrease of 48.7% from the July 31st total of 1,253,600 shares. Currently, 0.6% of the company’s shares are short sold. Based on an average trading volume of 292,100 shares, the days-to-cover ratio is currently 2.2 days.
A number of equities analysts recently commented on RBBN shares. BidaskClub downgraded Ribbon Communications from a “buy” rating to a “hold” rating in a report on Tuesday, August 27th. TheStreet upgraded Ribbon Communications from a “d+” rating to a “c-” rating in a report on Wednesday, August 21st. ValuEngine upgraded Ribbon Communications from a “sell” rating to a “hold” rating in a report on Tuesday, July 2nd. Zacks Investment Research upgraded Ribbon Communications from a “sell” rating to a “hold” rating in a report on Thursday, July 4th. Finally, Northland Securities restated a “buy” rating on shares of Ribbon Communications in a report on Wednesday, June 12th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $7.75.
A number of hedge funds have recently modified their holdings of the stock. Nuveen Asset Management LLC purchased a new stake in Ribbon Communications in the second quarter worth $3,278,000. UBS Asset Management Americas Inc. grew its stake in Ribbon Communications by 22.9% in the second quarter. UBS Asset Management Americas Inc. now owns 44,833 shares of the communications equipment provider’s stock worth $219,000 after purchasing an additional 8,367 shares during the period. Jane Street Group LLC purchased a new stake in Ribbon Communications in the second quarter worth $105,000. D. E. Shaw & Co. Inc. grew its stake in Ribbon Communications by 13.0% in the second quarter. D. E. Shaw & Co. Inc. now owns 1,141,743 shares of the communications equipment provider’s stock worth $5,583,000 after purchasing an additional 131,472 shares during the period. Finally, Morgan Stanley grew its stake in Ribbon Communications by 11.7% in the second quarter. Morgan Stanley now owns 37,332 shares of the communications equipment provider’s stock worth $182,000 after purchasing an additional 3,915 shares during the period. 80.26% of the stock is currently owned by institutional investors.
Ribbon Communications (NASDAQ:RBBN) last issued its quarterly earnings results on Wednesday, July 31st. The communications equipment provider reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.06. The company had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $144.43 million. Ribbon Communications had a return on equity of 8.28% and a net margin of 1.14%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.14 earnings per share. Research analysts predict that Ribbon Communications will post -0.2 earnings per share for the current year.
Ribbon Communications Company 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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