Sonus Networks Inc. (NASDAQ:SONS) was downgraded by stock analysts at Cowen and Company from a “market perform” rating to an “underperform” rating in a report released on Thursday. They presently have a $4.00 price objective on the stock, down from their previous price objective of $8.00. Cowen and Company’s price target would suggest a potential downside of 48.59% from the company’s previous close.
A number of other analysts have also commented on the stock. William Blair reissued a “hold” rating on shares of Sonus Networks in a research report on Wednesday, September 28th. Zacks Investment Research raised shares of Sonus Networks from a “hold” rating to a “buy” rating and set a $9.75 price target on the stock in a research report on Wednesday, August 17th. B. Riley lowered shares of Sonus Networks to a “neutral” rating and set a $10.25 price target on the stock. in a research report on Tuesday, August 2nd. TheStreet raised shares of Sonus Networks from a “sell” rating to a “hold” rating in a research report on Wednesday, July 27th. Finally, DA Davidson initiated coverage on shares of Sonus Networks in a research report on Wednesday, July 20th. They set a “buy” rating and a $12.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Sonus Networks presently has an average rating of “Hold” and a consensus price target of $9.20.
Shares of Sonus Networks (NASDAQ:SONS) opened at 7.78 on Thursday. The stock’s market capitalization is $384.27 million. The company’s 50-day moving average is $8.57 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 data on Wednesday, July 27th. The company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.05. The business had revenue of $60.90 million for the quarter, compared to analyst estimates of $59.67 million. Sonus Networks had a negative net margin of 1.80% and a positive return on equity of 1.75%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. Equities research analysts expect that Sonus Networks will post $0.36 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC raised its stake in Sonus Networks by 122.3% in the first quarter. Renaissance Technologies LLC now owns 1,901,965 shares of the company’s stock valued at $14,322,000 after buying an additional 1,046,476 shares during the period. King Luther Capital Management Corp bought a new position in Sonus Networks during the second quarter valued at approximately $3,391,000. Numeric Investors LLC bought a new position in Sonus Networks during the second quarter valued at approximately $3,004,000. Emerald Acquisition Ltd. bought a new position in Sonus Networks during the second quarter valued at approximately $2,748,000. Finally, Spark Investment Management LLC increased its position in Sonus Networks by 337.6% in the first quarter. Spark Investment Management LLC now owns 365,400 shares of the company’s stock valued at $2,751,000 after buying an additional 281,900 shares in the last quarter. 68.22% of the stock is currently owned by hedge funds and other institutional investors.
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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