Sonus Networks Inc. (NASDAQ:SONS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Friday.
According to Zacks, “Sonus Networks, Inc. is a leading provider of voice infrastructure products for the new public network. Sonus’ solutions enable service providers to deploy an integrated network capable of carrying both voice and data traffic, and to deliver a range of innovative, new services. The Sonus Open Services Architecture and award-winning Packet Telephony suite cut the time-to-market for competitive new service products, allowing carriers and third-party developers to expand marketshare and build important new revenue streams.(Press Release) “
SONS has been the subject of a number of other research reports. William Blair restated a “hold” rating on shares of Sonus Networks in a report on Wednesday, September 28th. Cowen and Company cut Sonus Networks from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $8.00 to $4.00 in a report on Thursday, September 29th. TheStreet upgraded Sonus Networks from a “sell” rating to a “hold” rating in a report on Wednesday, July 27th. DA Davidson initiated coverage on Sonus Networks in a report on Wednesday, July 20th. They set a “buy” rating and a $12.00 price objective for the company. Finally, B. Riley cut Sonus Networks from a “buy” rating to a “neutral” rating and set a $10.25 price objective for the company. in a report on Tuesday, July 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $9.20.
Sonus Networks (NASDAQ:SONS) opened at 7.30 on Friday. The firm has a 50-day moving average price of $8.22 and a 200-day moving average price of $8.46. The company’s market cap is $360.56 million. Sonus Networks has a 12-month low of $5.15 and a 12-month high of $10.00.
Sonus Networks (NASDAQ:SONS) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 analysts’ expectations of $59.67 million. During the same quarter in the previous year, the business earned ($0.10) EPS. Sonus Networks’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Sonus Networks will post $0.36 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teachers Advisors Inc. raised its position in Sonus Networks by 0.7% in the second quarter. Teachers Advisors Inc. now owns 84,227 shares of the company’s stock valued at $732,000 after buying an additional 603 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Sonus Networks by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 285,280 shares of the company’s stock worth $2,478,000 after buying an additional 1,807 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Sonus Networks by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 163,850 shares of the company’s stock worth $1,424,000 after buying an additional 2,520 shares during the last quarter. Springbok Capital Management LLC increased its stake in shares of 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 during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Sonus Networks by 161.6% in the second quarter. BlackRock Inc. now owns 11,889 shares of the company’s stock worth $103,000 after buying an additional 7,344 shares during the last quarter. 68.24% of the stock is 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Sonus Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonus Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.