Sonus Networks, Inc. (NASDAQ:SONS) Releases Quarterly Earnings Results
Sonus Networks, Inc. (NASDAQ:SONS) announced its earnings results on Thursday. The communications equipment provider reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.07, Bloomberg Earnings reports. Sonus Networks had a negative return on equity of 3.80% and a negative net margin of 8.07%. The company had revenue of $55.70 million for the quarter, compared to the consensus estimate of $53.93 million. During the same period last year, the business posted $0.08 EPS. The company’s revenue was down 8.5% on a year-over-year basis. Sonus Networks updated its FY17 guidance to $0.26 EPS and its Q3 guidance to $0.17-0.20 EPS.
Sonus Networks (NASDAQ SONS) traded down 4.10% during mid-day trading on Friday, hitting $6.32. The stock had a trading volume of 176,517 shares. Sonus Networks has a 12-month low of $5.51 and a 12-month high of $9.05. The stock’s market cap is $312.98 million. The company has a 50-day moving average of $7.53 and a 200-day moving average of $6.98.
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A number of institutional investors have recently modified their holdings of SONS. Federated Investors Inc. PA raised its position in shares of 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 period. Marshall Wace North America L.P. acquired a new position in shares of Sonus Networks during the second quarter worth about $956,000. Bank of New York Mellon Corp raised its position in shares of Sonus Networks by 8.5% in the second quarter. Bank of New York Mellon Corp now owns 367,046 shares of the communications equipment provider’s stock worth $2,730,000 after buying an additional 28,832 shares during the period. First Trust Advisors LP raised its position in shares of Sonus Networks by 16.4% in the second quarter. First Trust Advisors LP now owns 4,113,269 shares of the communications equipment provider’s stock worth $30,603,000 after buying an additional 580,597 shares during the period. Finally, Boston Partners acquired a new position in shares of Sonus Networks during the second quarter worth about $4,581,000. 65.39% of the stock is owned by institutional investors and hedge funds.
Several analysts have recently commented on the company. B. Riley reissued a “neutral” rating and issued a $7.75 price target on shares of Sonus Networks in a report on Sunday, July 2nd. William Blair raised Sonus Networks from a “market perform” rating to an “outperform” rating in a report on Thursday, June 1st. Benchmark Co. assumed coverage on Sonus Networks in a report on Wednesday, April 26th. They issued a “buy” rating and a $4.00 price target for the company. Zacks Investment Research raised Sonus Networks from a “hold” rating to a “buy” rating and set a $8.75 price target for the company in a report on Saturday, April 29th. Finally, BidaskClub cut Sonus Networks from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Four analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $8.29.
Sonus Networks Company Profile
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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