Menta Capital LLC Purchases 62,105 Shares of Sonus Networks, Inc. (SONS)
Menta Capital LLC raised its position in Sonus Networks, Inc. (NASDAQ:SONS) by 46.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,531 shares of the communications equipment provider’s stock after purchasing an additional 62,105 shares during the quarter. Menta Capital LLC owned approximately 0.39% of Sonus Networks worth $1,455,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Investment Advisors LLC purchased a new position in Sonus Networks in the second quarter valued at about $106,000. PEAK6 Investments L.P. grew its stake in 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 valued at $120,000 after purchasing an additional 7,465 shares in the last quarter. Federated Investors Inc. PA grew its stake in 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 valued at $149,000 after purchasing an additional 4,133 shares in the last quarter. Trexquant Investment LP purchased a new position in Sonus Networks in the first quarter valued at about $161,000. Finally, American International Group Inc. grew its stake in 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 valued at $194,000 after purchasing an additional 1,930 shares in the last quarter. Hedge funds and other institutional investors own 68.66% of the company’s stock.
SONS has been the topic of a number of recent research reports. Zacks Investment Research upgraded Sonus Networks from a “hold” rating to a “buy” rating and set a $7.75 target price on the stock in a research note on Wednesday, August 9th. DA Davidson raised Sonus Networks from a “neutral” rating to a “buy” rating and set a $8.50 price target for the company in a research report on Monday, August 7th. Northland Securities set a $10.00 price target on Sonus Networks and gave the stock a “buy” rating in a research report on Tuesday, July 4th. B. Riley reaffirmed a “neutral” rating and issued a $7.75 price target on shares of Sonus Networks in a research report on Sunday, July 2nd. Finally, William Blair raised Sonus Networks from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 1st. Four equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.57.
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Shares of Sonus Networks, Inc. (SONS) opened at 7.31 on Friday. Sonus Networks, Inc. has a 12 month low of $5.51 and a 12 month high of $8.85. The firm has a 50 day moving average price of $6.90 and a 200-day moving average price of $7.13. The firm’s market cap is $363.20 million.
Sonus Networks (NASDAQ:SONS) last announced its quarterly earnings data on Thursday, August 3rd. The communications equipment provider reported ($0.02) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.07. The company had revenue of $55.70 million during the quarter, compared to analysts’ expectations of $53.93 million. Sonus Networks had a negative return on equity of 6.18% and a negative net margin of 12.15%. Sonus Networks’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.08 EPS. On average, analysts predict that Sonus Networks, Inc. will post $0.25 EPS for the current fiscal year.
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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