Short Interest in Sonus Networks, Inc. (SONS) Decreases By 32.1%

Sonus Networks, Inc. (NASDAQ:SONS) was the recipient of a significant decline in short interest during the month of October. As of October 13th, there was short interest totalling 624,568 shares, a decline of 32.1% from the September 29th total of 919,851 shares. Based on an average daily volume of 372,603 shares, the days-to-cover ratio is presently 1.7 days. Currently, 1.3% of the company’s stock are short sold.

Several hedge funds and other institutional investors have recently made changes to their positions in SONS. JPMorgan Chase & Co. lifted its holdings in shares of Sonus Networks by 2,607.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,018,573 shares of the communications equipment provider’s stock worth $6,713,000 after purchasing an additional 980,948 shares during the last quarter. American International Group Inc. lifted its holdings in shares of Sonus Networks by 7.0% in the 1st quarter. American International Group Inc. now owns 29,368 shares of the communications equipment provider’s stock worth $194,000 after purchasing an additional 1,930 shares during the last quarter. FMR LLC lifted its holdings in shares of Sonus Networks by 91.5% in the 1st quarter. FMR LLC now owns 227,897 shares of the communications equipment provider’s stock worth $1,502,000 after purchasing an additional 108,880 shares during the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Sonus Networks by 21.5% in the 1st quarter. TIAA CREF Investment Management LLC now owns 265,842 shares of the communications equipment provider’s stock worth $1,752,000 after purchasing an additional 47,023 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of Sonus Networks by 4.0% in the 1st quarter. California Public Employees Retirement System now owns 169,900 shares of the communications equipment provider’s stock worth $1,120,000 after purchasing an additional 6,600 shares during the last quarter. 68.27% of the stock is currently owned by institutional investors and hedge funds.

Several research firms recently weighed in on SONS. DA Davidson upgraded Sonus Networks from a “neutral” rating to a “buy” rating and set a $8.50 target price for the company in a research note on Monday, August 7th. William Blair restated a “buy” rating on shares of Sonus Networks in a research note on Friday, October 13th. TheStreet upgraded Sonus Networks from a “d+” rating to a “c” rating in a research note on Monday, October 23rd. Cowen and Company reaffirmed a “sell” rating and set a $5.00 price target on shares of Sonus Networks in a research report on Friday, August 4th. Finally, BidaskClub lowered Sonus Networks from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $8.64.

Sonus Networks (NASDAQ:SONS) last announced its quarterly earnings results on Monday, October 30th. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.08. The business had revenue of $74.60 million for the quarter, compared to the consensus estimate of $68.50 million. Sonus Networks had a negative return on equity of 1.87% and a negative net margin of 8.82%. The business’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business posted $0.12 EPS.

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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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