Sonus Networks, Inc. (SONS) Shares Sold by New York State Common Retirement Fund
New York State Common Retirement Fund trimmed its position in Sonus Networks, Inc. (NASDAQ:SONS) by 43.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 45,000 shares of the communications equipment provider’s stock after selling 34,747 shares during the period. New York State Common Retirement Fund owned about 0.09% of Sonus Networks worth $335,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Thrivent Financial For Lutherans acquired a new stake in Sonus Networks in the 2nd quarter worth about $269,000. Marshall Wace North America L.P. acquired a new stake in Sonus Networks in the 2nd quarter worth about $956,000. Russell Investments Group Ltd. boosted its holdings in Sonus Networks by 88.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 242,832 shares of the communications equipment provider’s stock worth $1,806,000 after buying an additional 113,792 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Sonus Networks by 6.0% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 187,180 shares of the communications equipment provider’s stock worth $1,234,000 after buying an additional 10,602 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its holdings in Sonus Networks by 15.4% in the 2nd quarter. Nationwide Fund Advisors now owns 196,067 shares of the communications equipment provider’s stock worth $1,459,000 after buying an additional 26,163 shares during the last quarter. Institutional investors own 68.07% of the company’s stock.
Several equities research analysts recently issued reports on the company. DA Davidson upgraded Sonus Networks from a “neutral” rating to a “buy” rating and set a $8.50 price objective on the stock in a report on Monday, August 7th. William Blair restated a “buy” rating on shares of Sonus Networks in a report on Friday, October 13th. TheStreet upgraded Sonus Networks from a “d+” rating to a “c” rating in a report on Monday, October 23rd. Cowen and Company restated a “sell” rating and set a $5.00 target price on shares of Sonus Networks in a report on Friday, August 4th. Finally, BidaskClub cut Sonus Networks from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Three analysts have rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Sonus Networks currently has an average rating of “Hold” and an average price target of $8.64.
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Sonus Networks, Inc. (NASDAQ SONS) opened at $7.31 on Friday. Sonus Networks, Inc. has a twelve month low of $5.72 and a twelve month high of $9.05.
Sonus Networks (NASDAQ:SONS) last issued its earnings results on Monday, October 30th. The communications equipment provider reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.08. Sonus Networks had a negative return on equity of 1.87% and a negative net margin of 8.82%. The business had revenue of $74.60 million for the quarter, compared to analysts’ expectations of $68.50 million. During the same period in the previous year, the firm posted $0.12 EPS. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. analysts anticipate that Sonus Networks, Inc. will post 0.09 EPS for the current year.
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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