Ribbon Communications (NASDAQ:RBBN) Reaches New 52-Week High – Time to Buy?

Ribbon Communications Inc. (NASDAQ:RBBN)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $4.39 and last traded at $4.35, with a volume of 467778 shares trading hands. The stock had previously closed at $4.27.

Wall Street Analyst Weigh In

A number of research firms recently commented on RBBN. Northland Securities raised their price objective on shares of Ribbon Communications from $5.50 to $6.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $5.50 price objective on shares of Ribbon Communications in a research note on Monday, December 30th. Four analysts have rated the stock with a buy rating, According to MarketBeat, Ribbon Communications presently has an average rating of “Buy” and an average target price of $6.00.

Ribbon Communications Stock Performance

The firm’s fifty day moving average price is $4.05 and its 200-day moving average price is $3.61. 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 market cap of $761.15 million, a P/E ratio of -13.56 and a beta of 1.11.

Institutional Trading of Ribbon Communications

Institutional investors have recently made changes to their positions in the business. First Eagle Investment Management LLC boosted its position in Ribbon Communications by 1,049.5% in the fourth quarter. First Eagle Investment Management LLC now owns 819,369 shares of the communications equipment provider’s stock valued at $3,409,000 after buying an additional 748,090 shares in the last quarter. Royce & Associates LP boosted its position in Ribbon Communications by 18.0% in the third quarter. Royce & Associates LP now owns 2,536,278 shares of the communications equipment provider’s stock valued at $8,243,000 after buying an additional 386,518 shares in the last quarter. Vanguard Group Inc. boosted its position in Ribbon Communications by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 7,402,073 shares of the communications equipment provider’s stock valued at $30,793,000 after buying an additional 295,524 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Ribbon Communications by 62.2% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 675,265 shares of the communications equipment provider’s stock valued at $2,809,000 after buying an additional 258,909 shares in the last quarter. Finally, Inspire Investing LLC acquired a new position in Ribbon Communications in the fourth quarter valued at about $844,000. 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.