Sonus Networks Inc. (NASDAQ:SONS) shares dropped 7.6% during trading on Wednesday . The stock traded as low as $8.64 and last traded at $8.84, with a volume of 614,759 shares. The stock had previously closed at $9.57.

SONS has been the subject of several analyst reports. DA Davidson initiated coverage on shares of Sonus Networks in a report on Wednesday, July 20th. They issued a “buy” rating and a $12.00 price objective for the company. William Blair reaffirmed a “hold” rating on shares of Sonus Networks in a report on Tuesday, June 14th. Zacks Investment Research raised shares of Sonus Networks from a “hold” rating to a “strong-buy” rating and set a $9.50 price objective for the company in a report on Saturday, April 30th. Finally, B. Riley reiterated a “buy” rating and issued a $12.25 target price on shares of Sonus Networks in a research note on Saturday, April 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $10.75.

The company’s market cap is $465.16 million. The firm’s 50 day moving average is $8.86 and its 200-day moving average is $7.75.

Sonus Networks (NASDAQ:SONS) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.05. The company had revenue of $60.90 million for the quarter, compared to analysts’ expectations of $59.67 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities analysts expect that Sonus Networks Inc. will post $0.31 earnings per share for the current year.

An institutional investor recently raised its position in Sonus Networks stock. Nationwide Fund Advisors boosted its position in Sonus Networks Inc. (NASDAQ:SONS) by 226.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,809 shares of the company’s stock after buying an additional 105,273 shares during the period. Nationwide Fund Advisors owned approximately 0.31% of Sonus Networks worth $1,082,000 at the end of the most recent reporting 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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