Sonus Networks Inc. (SONS) Sees Large Volume Increase
Sonus Networks Inc. (NASDAQ:SONS) saw unusually-strong trading volume on Friday . Approximately 274,895 shares traded hands during trading, a decline of 13% from the previous session’s volume of 317,028 shares.The stock last traded at $9.61 and had previously closed at $9.47.
Several research analysts recently issued reports on SONS shares. Zacks Investment Research cut shares of Sonus Networks from a “buy” rating to a “hold” rating in a report on Wednesday, April 20th. B. Riley reissued a “buy” rating and set a $12.25 price target on shares of Sonus Networks in a report on Monday, April 25th. William Blair reissued a “hold” rating on shares of Sonus Networks in a report on Tuesday, June 14th. Finally, DA Davidson started coverage on shares of Sonus Networks in a report on Wednesday. They set a “buy” rating and a $12.00 price target for the company. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Sonus Networks currently has an average rating of “Buy” and a consensus price target of $10.75.
The firm has a 50-day moving average of $8.83 and a 200 day moving average of $7.68. The company’s market cap is $477.07 million.
Sonus Networks (NASDAQ:SONS) last announced its quarterly earnings data on Wednesday, April 27th. The company reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.05. The company had revenue of $59.20 million for the quarter, compared to analyst estimates of $58.38 million. During the same period in the prior year, the business earned ($0.27) earnings per share. Sonus Networks’s revenue was up 18.2% on a year-over-year basis. Equities research analysts anticipate that Sonus Networks Inc. will post $0.31 EPS for the current fiscal year.
Other hedge funds and institutional investors have bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in Sonus Networks by 26.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,641,624 shares of the company’s stock valued at $11,705,000 after buying an additional 342,192 shares during the period. Morgan Stanley raised its position in Sonus Networks by 606.6% in the fourth quarter. Morgan Stanley now owns 263,424 shares of the company’s stock valued at $1,879,000 after buying an additional 226,146 shares during the period. Finally, Nationwide Fund Advisors raised its position in Sonus Networks by 226.2% in the fourth quarter. Nationwide Fund Advisors now owns 151,809 shares of the company’s stock valued at $1,082,000 after buying an additional 105,273 shares during the period.
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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