First Trust Advisors LP increased its stake in Sonus Networks Inc. (NASDAQ:SONS) by 16.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,404,303 shares of the company’s stock after buying an additional 333,029 shares during the period. First Trust Advisors LP owned 4.87% of Sonus Networks worth $18,705,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of Sonus Networks by 122.3% in the first quarter. Renaissance Technologies LLC now owns 1,901,965 shares of the company’s stock valued at $14,322,000 after buying an additional 1,046,476 shares in the last quarter. King Luther Capital Management Corp acquired a new stake in shares of Sonus Networks during the second quarter valued at about $3,391,000. Numeric Investors LLC acquired a new stake in shares of Sonus Networks during the second quarter valued at about $3,004,000. Emerald Acquisition Ltd. acquired a new stake in shares of Sonus Networks during the second quarter valued at about $2,748,000. Finally, Oxford Asset Management acquired a new stake in shares of Sonus Networks during the second quarter valued at about $1,548,000. 70.31% of the stock is owned by institutional investors.
Shares of Sonus Networks Inc. (NASDAQ:SONS) opened at 6.34 on Friday. Sonus Networks Inc. has a one year low of $5.15 and a one year high of $10.00. The company has a 50-day moving average of $6.55 and a 200 day moving average of $8.18. The firm’s market cap is $313.42 million.
Sonus Networks (NASDAQ:SONS) last announced its earnings results on Wednesday, October 26th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.03. Sonus Networks had a negative net margin of 2.52% and a positive return on equity of 1.51%. The firm earned $65 million during the quarter, compared to the consensus estimate of $64.24 million. During the same quarter in the previous year, the company posted $0.11 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, equities research analysts expect that Sonus Networks Inc. will post $0.30 EPS for the current fiscal year.
Several analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Sonus Networks from a “buy” rating to a “hold” rating in a research report on Tuesday, August 16th. William Blair reissued a “hold” rating on shares of Sonus Networks in a research report on Wednesday, September 28th. B. Riley cut shares of Sonus Networks to a “neutral” rating and set a $10.25 price target on the stock. in a research report on Tuesday, August 2nd. Cowen and Company cut shares of Sonus Networks from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $8.00 to $4.00 in a research report on Thursday, September 29th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $17.00 price target on shares of Sonus Networks in a research report on Friday. Three analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Sonus Networks currently has an average rating of “Hold” and a consensus price target of $9.95.
About Sonus Networks