Sangoma Technologies (NASDAQ:SANG) Trading Down 3.5% – Time to Sell?

Sangoma Technologies Corporation (NASDAQ:SANG)’s stock price dropped 3.5% during mid-day trading on Monday . The stock traded as low as $5.85 and last traded at $5.99. Approximately 7,459 shares traded hands during trading, a decline of 4% from the average daily volume of 7,744 shares. The stock had previously closed at $6.20.

Wall Street Analysts Forecast Growth

SANG has been the topic of several research reports. Stifel Canada upgraded shares of Sangoma Technologies to a “strong-buy” rating in a report on Monday, May 12th. TD Securities reduced their price target on shares of Sangoma Technologies from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th.

Sangoma Technologies Price Performance

The stock’s 50-day moving average price is $5.84 and its 200-day moving average price is $5.80. The company has a market capitalization of $198.97 million, a price-to-earnings ratio of -28.50 and a beta of 1.39. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.16.

Sangoma Technologies (NASDAQ:SANG) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Sangoma Technologies had a negative net margin of 2.91% and a negative return on equity of 2.61%. The business had revenue of $58.07 million for the quarter, compared to analyst estimates of $58.92 million. Equities research analysts anticipate that Sangoma Technologies Corporation will post -0.18 earnings per share for the current year.

Hedge Funds Weigh In On Sangoma Technologies

Several large investors have recently bought and sold shares of the business. Citadel Advisors LLC bought a new stake in Sangoma Technologies in the fourth quarter valued at approximately $86,000. Bank of America Corp DE grew its position in Sangoma Technologies by 198.4% in the fourth quarter. Bank of America Corp DE now owns 18,200 shares of the company’s stock valued at $130,000 after purchasing an additional 12,100 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Sangoma Technologies by 375.6% in the fourth quarter. JPMorgan Chase & Co. now owns 19,500 shares of the company’s stock valued at $135,000 after acquiring an additional 15,400 shares during the last quarter. National Bank of Canada FI lifted its stake in Sangoma Technologies by 17.5% in the first quarter. National Bank of Canada FI now owns 87,982 shares of the company’s stock valued at $388,000 after acquiring an additional 13,127 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Sangoma Technologies by 51.7% in the first quarter. Acadian Asset Management LLC now owns 181,800 shares of the company’s stock valued at $809,000 after acquiring an additional 61,951 shares during the last quarter. 39.65% of the stock is currently owned by institutional investors and hedge funds.

About Sangoma Technologies

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.