Sonus Networks, Inc. (SONS) Raised to Buy at DA Davidson
Sonus Networks, Inc. (NASDAQ:SONS) was upgraded by analysts at DA Davidson from a “neutral” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $8.50 price objective on the communications equipment provider’s stock. DA Davidson’s target price would suggest a potential upside of 34.49% from the stock’s previous close.
Several other equities research analysts have also weighed in on SONS. B. Riley reissued a “neutral” rating and issued a $7.75 price objective on shares of Sonus Networks in a report on Tuesday, June 27th. Cowen and Company reissued a “sell” rating and issued a $5.00 price objective on shares of Sonus Networks in a report on Friday. BidaskClub lowered Sonus Networks from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. ValuEngine lowered Sonus Networks from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Northland Securities set a $10.00 target price on Sonus Networks and gave the company a “buy” rating in a report on Tuesday, July 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 stock. The company currently has a consensus rating of “Hold” and an average price target of $8.71.
Shares of Sonus Networks (NASDAQ:SONS) opened at 6.32 on Monday. The company’s market cap is $312.98 million. Sonus Networks has a 12 month low of $5.51 and a 12 month high of $9.05. The stock has a 50 day moving average of $7.53 and a 200-day moving average of $6.98.
Sonus Networks (NASDAQ:SONS) last announced its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.07. Sonus Networks had a negative return on equity of 6.07% and a negative net margin of 12.15%. The company had revenue of $55.70 million during the quarter, compared to analyst estimates of $53.93 million. During the same quarter last year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities analysts forecast that Sonus Networks will post $0.23 earnings per share for the current year.
Hedge funds have recently modified their holdings of the stock. Capital Investment Advisors LLC acquired a new stake in shares of Sonus Networks during the second quarter worth about $106,000. PEAK6 Investments L.P. increased its stake in Sonus Networks by 69.1% in the first quarter. PEAK6 Investments L.P. now owns 18,265 shares of the communications equipment provider’s stock worth $120,000 after buying an additional 7,465 shares during the last quarter. Federated Investors Inc. PA increased its stake in Sonus Networks by 26.1% in the second quarter. Federated Investors Inc. PA now owns 19,960 shares of the communications equipment provider’s stock worth $149,000 after buying an additional 4,133 shares during the last quarter. Trexquant Investment LP purchased a new stake in Sonus Networks during the first quarter worth $161,000. Finally, American International Group Inc. increased its stake in Sonus Networks by 7.0% in the first quarter. American International Group Inc. now owns 29,368 shares of the communications equipment provider’s stock worth $194,000 after buying an additional 1,930 shares during the last quarter. Hedge funds and other institutional investors own 64.73% of the company’s stock.
About Sonus Networks
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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