Alambic Investment Management L.P. Decreases Stake in Sonus Networks, Inc. (SONS)
Alambic Investment Management L.P. cut its stake in Sonus Networks, Inc. (NASDAQ:SONS) by 0.5% during the third quarter, Holdings Channel reports. The institutional investor owned 123,700 shares of the company’s stock after selling 600 shares during the period. Alambic Investment Management L.P. owned 0.25% of Sonus Networks worth $962,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position 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 valued at $2,478,000 after buying an additional 1,807 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Sonus Networks during the second quarter valued at about $320,000. Acadian Asset Management LLC purchased a new position in shares of Sonus Networks during the third quarter valued at about $236,000. California Public Employees Retirement System boosted its position in shares of Sonus Networks by 3.3% in the third quarter. California Public Employees Retirement System now owns 137,800 shares of the company’s stock valued at $1,072,000 after buying an additional 4,400 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its position in shares of Sonus Networks by 2.6% in the second quarter. Neuberger Berman Group LLC now owns 1,995,878 shares of the company’s stock valued at $17,344,000 after buying an additional 50,465 shares in the last quarter. Hedge funds and other institutional investors own 68.64% of the company’s stock.
Shares of Sonus Networks, Inc. (NASDAQ:SONS) traded up 0.32% during mid-day trading on Friday, hitting $6.23. 157,070 shares of the stock were exchanged. The firm’s market cap is $307.99 million. The stock’s 50 day moving average is $6.40 and its 200 day moving average is $7.67. Sonus Networks, Inc. has a 12 month low of $5.15 and a 12 month high of $10.00.
Sonus Networks (NASDAQ:SONS) last released its quarterly earnings data on Wednesday, October 26th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.03. Sonus Networks had a positive return on equity of 1.51% and a negative net margin of 2.52%. The firm earned $65 million during the quarter, compared to the consensus estimate of $64.24 million. During the same period last year, the business posted $0.11 EPS. Sonus Networks’s quarterly revenue was down 4.2% on a year-over-year basis. Analysts expect that Sonus Networks, Inc. will post $0.30 EPS for the current fiscal year.
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SONS has been the topic of several recent analyst reports. William Blair reiterated a “hold” rating on shares of Sonus Networks in a report on Wednesday, September 28th. Zacks Investment Research cut shares of Sonus Networks from a “hold” rating to a “sell” rating in a report on Friday, October 14th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $17.00 price target on shares of Sonus Networks in a report on Friday, November 25th. Cowen and Company cut shares of Sonus Networks from a “market perform” rating to an “underperform” rating and cut their price target for the company from $8.00 to $4.00 in a report on Thursday, September 29th. Finally, TheStreet cut shares of Sonus Networks from a “hold” rating to a “sell” rating in a report on Wednesday, November 9th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $9.95.
Sonus Networks Company Profile
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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