Sonus Networks Inc. (SONS) Downgraded to “Underperform” at Cowen and Company
SONS has been the subject of a number of other reports. William Blair reissued a hold rating on shares of Sonus Networks in a research note on Wednesday. TheStreet raised Sonus Networks from a sell rating to a hold rating in a research note on Wednesday, July 27th. DA Davidson initiated coverage on Sonus Networks in a research note on Wednesday, July 20th. They set a buy rating and a $12.00 price target for the company. Zacks Investment Research lowered Sonus Networks from a buy rating to a hold rating in a research note on Tuesday, August 2nd. Finally, B. Riley lowered Sonus Networks to a neutral rating and set a $10.25 price target for the company. in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $10.50.
Shares of Sonus Networks (NASDAQ:SONS) traded up 0.39% during mid-day trading on Thursday, hitting $7.76. The stock had a trading volume of 117,355 shares. The company’s market cap is $383.28 million. The stock’s 50-day moving average is $8.60 and its 200 day moving average is $8.43. Sonus Networks has a 12 month low of $5.15 and a 12 month high of $10.00.
Sonus Networks (NASDAQ:SONS) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.05. Sonus Networks had a positive return on equity of 1.75% and a negative net margin of 1.80%. The company earned $60.90 million during the quarter, compared to analyst estimates of $59.67 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Sonus Networks will post $0.37 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Sonus Networks by 161.6% in the second quarter. BlackRock Inc. now owns 11,889 shares of the company’s stock valued at $103,000 after buying an additional 7,344 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Sonus Networks during the second quarter valued at approximately $127,000. Springbok Capital Management LLC increased its position in Sonus Networks by 42.0% in the first quarter. Springbok Capital Management LLC now owns 23,125 shares of the company’s stock valued at $174,000 after buying an additional 6,841 shares during the last quarter. First Midwest Bank Trust Division increased its position in Sonus Networks by 43.8% in the second quarter. First Midwest Bank Trust Division now owns 25,580 shares of the company’s stock valued at $222,000 after buying an additional 7,795 shares during the last quarter. Finally, Nwam LLC purchased a new position in Sonus Networks during the second quarter valued at approximately $224,000. Institutional investors own 68.22% of the company’s stock.
Sonus Networks Company Profile
Sonus Networks, Inc (Sonus) is a provider of networked solutions for communications service providers (telecommunications, wireless and cable service providers) and enterprises. The Company’s products include session border controllers (SBCs), diameter signaling controllers (DSCs), policy/routing servers, network intelligence applications (VellOS), which is designed to network-wide security and other cloud network exchange services, media and signaling gateways and network analytics tools.
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