Sonus Networks, Inc. (SONS) Stake Cut by Spark Investment Management LLC
Spark Investment Management LLC lowered its position in Sonus Networks, Inc. (NASDAQ:SONS) by 53.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 105,900 shares of the communications equipment provider’s stock after selling 123,100 shares during the period. Spark Investment Management LLC’s holdings in Sonus Networks were worth $787,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Capital Investment Advisors LLC acquired a new stake in shares of Sonus Networks during the second quarter worth about $106,000. PEAK6 Investments L.P. increased its stake in shares of Sonus Networks by 69.1% in the first quarter. PEAK6 Investments L.P. now owns 18,265 shares of the communications equipment provider’s stock worth $120,000 after buying an additional 7,465 shares during the period. Trexquant Investment LP acquired a new stake in shares of Sonus Networks during the first quarter worth about $161,000. American International Group Inc. increased its stake in shares of Sonus Networks by 7.0% in the first quarter. American International Group Inc. now owns 29,368 shares of the communications equipment provider’s stock worth $194,000 after buying an additional 1,930 shares during the period. Finally, Royce & Associates LP acquired a new stake in shares of Sonus Networks during the first quarter worth about $198,000. 64.73% of the stock is owned by institutional investors.
Sonus Networks, Inc. (SONS) opened at 6.84 on Friday. Sonus Networks, Inc. has a 12 month low of $5.51 and a 12 month high of $8.97. The company has a 50-day moving average price of $7.33 and a 200 day moving average price of $6.99. The firm’s market cap is $339.85 million.
Sonus Networks (NASDAQ:SONS) last issued its earnings results on Thursday, August 3rd. The communications equipment provider reported ($0.02) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.07. Sonus Networks had a negative net margin of 12.15% and a negative return on equity of 6.18%. The firm had revenue of $55.70 million for the quarter, compared to analysts’ expectations of $53.93 million. During the same quarter last year, the company posted $0.08 earnings per share. Sonus Networks’s revenue was down 8.5% on a year-over-year basis. Equities research analysts anticipate that Sonus Networks, Inc. will post $0.25 EPS for the current year.
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A number of analysts have issued reports on SONS shares. Northland Securities set a $10.00 price target on Sonus Networks and gave the stock a “buy” rating in a report on Tuesday, July 4th. Zacks Investment Research raised Sonus Networks from a “hold” rating to a “buy” rating and set a $8.75 target price for the company in a report on Saturday, April 29th. Benchmark Co. started coverage on Sonus Networks in a report on Wednesday, April 26th. They issued a “buy” rating and a $4.00 target price for the company. DA Davidson raised Sonus Networks from a “neutral” rating to a “buy” rating and set a $8.50 target price for the company in a report on Monday, August 7th. Finally, William Blair reissued a “hold” rating on shares of Sonus Networks in a report on Monday, May 1st. Four research analysts have rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $8.57.
About Sonus Networks
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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