Sangoma Technologies Co. (NASDAQ:SANG) Sees Large Decline in Short Interest – MarketBeat
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Sangoma Technologies Co. (NASDAQ:SANG – Get Rating) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 5,100 shares, a drop of 64.3% from the October 31st total of 14,300 shares. Based on an average daily trading volume, of 3,300 shares, the days-to-cover ratio is presently 1.5 days. Approximately 0.0% of the company’s shares are short sold.
Hedge Funds Weigh In On Sangoma Technologies
Several institutional investors and hedge funds have recently made changes to their positions in SANG. Pembroke Management LTD increased its position in Sangoma Technologies by 1.3% during the third quarter. Pembroke Management LTD now owns 1,971,282 shares of the company’s stock worth $14,212,000 after acquiring an additional 25,398 shares during the period. PenderFund Capital Management Ltd. raised its position in shares of Sangoma Technologies by 20.2% in the first quarter. PenderFund Capital Management Ltd. now owns 1,685,400 shares of the company’s stock valued at $29,966,000 after buying an additional 283,430 shares in the last quarter. Fiera Capital Corp lifted its position in Sangoma Technologies by 0.3% during the third quarter. Fiera Capital Corp now owns 958,277 shares of the company’s stock worth $2,823,000 after purchasing an additional 3,037 shares during the period. PCJ Investment Counsel Ltd. grew its stake in Sangoma Technologies by 30.6% during the first quarter. PCJ Investment Counsel Ltd. now owns 202,654 shares of the company’s stock worth $2,881,000 after buying an additional 47,500 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in Sangoma Technologies by 16.8% in the 3rd quarter. Royal Bank of Canada now owns 151,135 shares of the company’s stock valued at $793,000 after buying an additional 21,737 shares during the period. Institutional investors and hedge funds own 32.79% of the company’s stock.
Sangoma Technologies Stock Performance
Sangoma Technologies stock opened at $4.98 on Monday. Sangoma Technologies has a 52 week low of $3.85 and a 52 week high of $19.00. The company has a current ratio of 0.82, a quick ratio of 0.56 and a debt-to-equity ratio of 0.33. The stock has a 50-day simple moving average of $5.25 and a 200 day simple moving average of $7.25.
Sangoma Technologies (NASDAQ:SANG – Get Rating) last posted its quarterly earnings results on Monday, September 26th. The company reported ($0.23) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.11). Sangoma Technologies had a negative return on equity of 5.54% and a negative net margin of 46.82%. The business had revenue of $62.50 million for the quarter, compared to the consensus estimate of $69.10 million. As a group, sell-side analysts forecast that Sangoma Technologies will post -0.23 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts recently commented on the company. Canaccord Genuity Group dropped their price objective on Sangoma Technologies from $21.00 to $13.00 in a research note on Wednesday, September 28th. Lake Street Capital dropped their price target on Sangoma Technologies from $15.00 to $12.00 in a research note on Monday, November 14th. William Blair started coverage on Sangoma Technologies in a research note on Thursday, September 22nd. They issued an “outperform” rating on the stock. TD Securities dropped their price target on Sangoma Technologies from C$17.50 to C$16.50 in a research note on Monday, November 14th. Finally, BMO Capital Markets dropped their price target on Sangoma Technologies from C$30.00 to C$20.00 in a research note on Wednesday, September 28th.
Sangoma Technologies Company Profile
(Get Rating)
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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