Sonus Networks, Inc. (SONS) Sees Strong Trading Volume
Sonus Networks, Inc. (NASDAQ:SONS) shares saw unusually-strong trading volume on Friday . Approximately 751,542 shares were traded during trading, an increase of 296% from the previous session’s volume of 189,912 shares.The stock last traded at $7.09 and had previously closed at $7.02.
A number of analysts have recently issued reports on SONS shares. Zacks Investment Research upgraded shares of Sonus Networks from a “hold” rating to a “buy” rating and set a $7.75 price target for the company in a report on Wednesday, August 9th. BidaskClub downgraded shares of Sonus Networks from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. ValuEngine downgraded shares of Sonus Networks from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Northland Securities set a $10.00 price target on shares of Sonus Networks and gave the stock a “buy” rating in a report on Tuesday, July 4th. Finally, Cowen and Company restated a “sell” rating and set a $5.00 price target on shares of Sonus Networks in a report on Friday, August 4th. Four equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $8.57.
The company’s market capitalization is $352.27 million. The firm has a 50-day moving average price of $6.87 and a 200-day moving average price of $7.09.
Sonus Networks (NASDAQ:SONS) last issued its quarterly earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.07. Sonus Networks had a negative net margin of 12.15% and a negative return on equity of 6.18%. The firm had revenue of $55.70 million during the quarter, compared to analyst estimates of $53.93 million. During the same quarter in the prior year, the business posted $0.08 earnings per share. Sonus Networks’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities analysts expect that Sonus Networks, Inc. will post $0.25 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of SONS. Profund Advisors LLC increased its position in Sonus Networks by 21.8% during the first quarter. Profund Advisors LLC now owns 74,691 shares of the communications equipment provider’s stock worth $492,000 after purchasing an additional 13,373 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Sonus Networks during the first quarter worth approximately $282,000. Trexquant Investment LP acquired a new position in Sonus Networks during the first quarter worth approximately $161,000. Alambic Investment Management L.P. increased its position in shares of Sonus Networks by 61.1% in the first quarter. Alambic Investment Management L.P. now owns 130,800 shares of the communications equipment provider’s stock worth $862,000 after acquiring an additional 49,600 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Sonus Networks by 2,607.2% in the first quarter. JPMorgan Chase & Co. now owns 1,018,573 shares of the communications equipment provider’s stock worth $6,713,000 after acquiring an additional 980,948 shares in the last quarter. 68.66% of the stock is owned by hedge funds and other institutional investors.
Sonus Networks Company Profile
Sonus Networks, Inc (Sonus) is a provider of networked solutions for communications service providers and enterprises to help them secure and unify their real-time communications infrastructures. The Company helps communications service providers and enterprises hold the session initiation protocol (SIP) and fourth generation (4G)/long term evolution (LTE)-based solutions, including voice over Internet protocol (VoIP), voice over wireless fidelity (VoWiFi), video and unified communications (UC) by securing and enabling Internet Protocol (IP) networks.
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