TheStreet Downgrades Sonus Networks Inc. (SONS) to Sell
Sonus Networks Inc. (NASDAQ:SONS) was downgraded by equities researchers at TheStreet from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
A number of other research firms also recently weighed in on SONS. Zacks Investment Research raised Sonus Networks from a “hold” rating to a “buy” rating and set a $9.75 target price for the company in a report on Saturday, July 30th. B. Riley reaffirmed a “neutral” rating and issued a $7.00 price target on shares of Sonus Networks in a research note on Tuesday, November 1st. DA Davidson assumed coverage on Sonus Networks in a research note on Wednesday, July 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Cowen and Company downgraded Sonus Networks from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $8.00 to $4.00 in a research note on Thursday, September 29th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $8.19.
Shares of Sonus Networks (NASDAQ:SONS) opened at 6.04 on Wednesday. The company’s market cap is $298.59 million. Sonus Networks has a one year low of $5.15 and a one year high of $10.00. The firm’s 50-day moving average is $7.12 and its 200-day moving average is $8.32.
Sonus Networks (NASDAQ:SONS) last posted its earnings results on Wednesday, October 26th. The company reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.03. Sonus Networks had a positive return on equity of 1.51% and a negative net margin of 2.52%. The company earned $65 million during the quarter, compared to the consensus estimate of $64.24 million. During the same quarter last year, the firm earned $0.11 earnings per share. The company’s revenue was down 4.2% on a year-over-year basis. Analysts expect that Sonus Networks will post $0.30 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC boosted its position in Sonus Networks by 122.3% in the first quarter. Renaissance Technologies LLC now owns 1,901,965 shares of the company’s stock worth $14,322,000 after buying an additional 1,046,476 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Sonus Networks by 46.4% in the first quarter. Jacobs Levy Equity Management Inc. now owns 442,510 shares of the company’s stock worth $3,332,000 after buying an additional 140,200 shares in the last quarter. Springbok Capital Management LLC boosted 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 worth $174,000 after buying an additional 6,841 shares in the last quarter. A.R.T. Advisors LLC boosted its position in Sonus Networks by 725.0% in the first quarter. A.R.T. Advisors LLC now owns 107,535 shares of the company’s stock worth $809,000 after buying an additional 94,500 shares in the last quarter. Finally, First Midwest Bank Trust Division boosted 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 worth $222,000 after buying an additional 7,795 shares in the last quarter. Hedge funds and other institutional investors own 68.39% of the company’s stock.
About Sonus Networks
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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