Renaissance Technologies LLC Decreases Stake in Sonus Networks, Inc. (SONS)
Renaissance Technologies LLC cut its position in shares of Sonus Networks, Inc. (NASDAQ:SONS) by 6.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,783,500 shares of the company’s stock after selling 122,689 shares during the period. Renaissance Technologies LLC’s holdings in Sonus Networks were worth $11,236,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantitative Investment Management LLC raised its position in shares of Sonus Networks by 69.3% in the third quarter. Quantitative Investment Management LLC now owns 17,100 shares of the company’s stock worth $133,000 after buying an additional 7,000 shares in the last quarter. Nwam LLC raised its position in shares of Sonus Networks by 7.4% in the third quarter. Nwam LLC now owns 27,711 shares of the company’s stock worth $216,000 after buying an additional 1,921 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Sonus Networks during the third quarter worth approximately $236,000. Symons Capital Management Inc. raised its position in shares of Sonus Networks by 6.9% in the fourth quarter. Symons Capital Management Inc. now owns 45,666 shares of the company’s stock worth $288,000 after buying an additional 2,966 shares in the last quarter. Finally, Lucus Advisors LLC purchased a new position in shares of Sonus Networks during the third quarter worth approximately $312,000. 70.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sonus Networks, Inc. (NASDAQ:SONS) opened at 6.70 on Tuesday. The company’s market capitalization is $328.75 million. The company’s 50 day moving average price is $6.28 and its 200 day moving average price is $6.79. Sonus Networks, Inc. has a 12 month low of $5.51 and a 12 month high of $10.00.
Sonus Networks (NASDAQ:SONS) last released its earnings results on Wednesday, February 15th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.03. Sonus Networks had a positive return on equity of 1.51% and a negative net margin of 2.52%. The business earned $67.60 million during the quarter, compared to the consensus estimate of $67.82 million. During the same period last year, the business posted $0.23 earnings per share. The business’s revenue for the quarter was down 11.4% on a year-over-year basis. Analysts expect that Sonus Networks, Inc. will post $0.18 EPS for the current fiscal year.
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A number of analysts have recently weighed in on the company. B. Riley reiterated a “neutral” rating and set a $7.00 target price on shares of Sonus Networks in a research report on Friday, February 10th. Zacks Investment Research upgraded Sonus Networks from a “sell” rating to a “hold” rating in a research report on Tuesday, January 3rd. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $17.00 target price on shares of Sonus Networks in a research report on Friday, November 25th. DA Davidson downgraded Sonus Networks from a “buy” rating to a “neutral” rating and set a $6.50 target price for the company. in a research report on Thursday, February 16th. They noted that the move was a valuation call. Finally, William Blair reiterated a “hold” rating on shares of Sonus Networks in a research report on Sunday, February 19th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $8.35.
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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