Victory Capital Management Inc. increased its holding of shares of Ribbon Communications Inc. (NASDAQ:RBBN – Get Rating) by 23.8% in the first quarter, according to its most recent SEC filing. The company owned 121,790 shares of the communications equipment maker after purchasing a further 23,393 shares during the period. Victory Capital Management Inc. owned 0.08% of Ribbon Communications worth $420,000 at the end of the last reporting period.
A number of other institutional investors have also increased or reduced their stakes in the company. SG Americas Securities LLC increased its position in Ribbon Communications by 66.6% during the first quarter. SG Americas Securities LLC now owns 34,220 shares of the communications equipment maker valued at $106,000 after purchasing an additional 13,682 shares during the period. Assenagon Asset Management SA increased its position in shares of Ribbon Communications by 401.1% in the first quarter. Assenagon Asset Management SA now owns 258,801 shares of the $800,000 communications equipment provider after buying another 207,150 shares last quarter. Strs Ohio increased its position in Ribbon Communications shares by 574.2% during the first quarter. Strs Ohio now owns 65,400 shares of the $202,000 communications equipment maker after buying another 55,700 shares last quarter. Wedbush Securities Inc. increased its position in Ribbon Communications shares by 38.9% during the first quarter. Wedbush Securities Inc. now owns 23,609 shares of the communications equipment maker, valued at $73,000, after purchasing an additional 6,609 shares last quarter. Finally, Penserra Capital Management LLC increased its position in shares of Ribbon Communications by 47.6% during the fourth quarter. Penserra Capital Management LLC now owns 1,190,176 shares of the communications equipment provider worth $7,200,000 after purchasing an additional 383,896 shares last quarter. Hedge funds and other institutional investors own 66.08% of the company’s shares.
Ribbon Communications shares down 4.1%
RBBN stock opened at $3.53 on Friday. The company has a 50-day moving average of $3.17 and a 200-day moving average of $3.21. The stock has a market cap of $531.09 million, a P/E of -2.05 and a beta of 0.95. The company has a quick ratio of 1.02, a current ratio of 1.20 and a debt to equity ratio of 0.70. Ribbon Communications Inc. has a 52-week low of $2.57 and a 52-week high of $6.85.
Insider buying and selling
In related news, major shareholder Swarth Investments Ltd. 1,639,344 shares of the stock in a transaction that took place on Tuesday, August 16th. The stock was purchased at an average price of $3.05 per share for a total transaction of $4,999,999.20. Following the purchase, the insider now directly owns 27,435,739 shares of the company’s stock valued at $83,679,003.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed at this hyperlink. 1.77% of the shares are owned by company insiders.
Wall Street analyst ponders
RBBN has been the subject of a number of analyst reports. B. Riley lowered its target price on shares of Ribbon Communications from $8.00 to $7.00 in a research report on Thursday, April 28. StockNews.com downgraded shares of Ribbon Communications from a “buy” rating to a “hold” rating in a research report on Friday, August 5.
Ribbon communication profile
Ribbon Communications Inc provides communications technology in the United States, Europe, Middle East, Africa, Asia Pacific and internationally. It operates in two segments: Cloud and Edge and Optical IP Networks. The Cloud and Edge segment offers software and hardware products; and solutions and services to enable voice over Internet Protocol communications, voice over long-term evolution and voice over 5G communications, and unified communications and collaboration.
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