Canaccord Genuity Group Reaffirms Hold Rating for Sangoma Technologies (NASDAQ:SANG)

Canaccord Genuity Group reiterated their hold rating on shares of Sangoma Technologies (NASDAQ:SANGFree Report) in a report published on Thursday, Benzinga reports. The firm currently has a $3.25 price target on the stock, down from their prior price target of $8.00.

SANG has been the topic of a number of other research reports. Northland Securities dropped their price target on Sangoma Technologies from $13.00 to $8.00 and set an outperform rating on the stock in a research note on Thursday, September 28th. TD Securities lowered shares of Sangoma Technologies from a buy rating to a hold rating in a research report on Thursday, September 28th. Finally, Canaccord Genuity Group downgraded shares of Sangoma Technologies from a buy rating to a hold rating and reduced their price target for the company from $8.00 to $3.25 in a research report on Thursday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $7.20.

Read Our Latest Stock Analysis on Sangoma Technologies

Sangoma Technologies Trading Down 5.9 %

Shares of Sangoma Technologies stock opened at $2.73 on Thursday. The company has a current ratio of 1.00, a quick ratio of 0.69 and a debt-to-equity ratio of 0.34. The company has a fifty day simple moving average of $3.39 and a 200-day simple moving average of $3.66. The stock has a market cap of $65.22 million, a price-to-earnings ratio of -3.07 and a beta of 1.00. Sangoma Technologies has a 12-month low of $2.53 and a 12-month high of $5.95.

Sangoma Technologies (NASDAQ:SANGGet Free Report) last announced its quarterly earnings results on Wednesday, September 27th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. The firm had revenue of $63.68 million during the quarter, compared to analysts’ expectations of $62.58 million. Sangoma Technologies had a negative net margin of 11.73% and a negative return on equity of 2.52%. On average, equities analysts forecast that Sangoma Technologies will post -0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in Sangoma Technologies by 10.3% in the 1st quarter. Royal Bank of Canada now owns 100,861 shares of the company’s stock valued at $1,438,000 after buying an additional 9,401 shares during the period. National Bank of Canada FI increased its stake in shares of Sangoma Technologies by 47.7% during the third quarter. National Bank of Canada FI now owns 51,290 shares of the company’s stock worth $168,000 after acquiring an additional 16,567 shares during the period. HighTower Advisors LLC purchased a new position in Sangoma Technologies during the first quarter worth about $303,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Sangoma Technologies during the first quarter worth about $89,000. Finally, The Manufacturers Life Insurance Company lifted its position in Sangoma Technologies by 10.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 433,136 shares of the company’s stock valued at $2,030,000 after purchasing an additional 42,360 shares during the period. Institutional investors and hedge funds own 59.03% of the company’s stock.

About Sangoma Technologies

(Get Free Report)

Sangoma Technologies Corporation develops, manufactures, distributes, and supports voice and data connectivity components for software-based communication applications worldwide. The company offers Switchvox, a voice over internet protocol phone system; Switchvox Cloud, a unified communications solution, as well as provides cloud communication solutions.

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