NEW YORK (TheStreet) -- Shares of Sonus Networks (SONS) were gaining 5.5% to $3.66 Monday after disclosing that president and CEO Raymond Dolan purchased 1 million shares of the communication equipment company.
Dolan purchased 1 million shares of common stock of Sonus Networks on Oct. 31 for $3.43 a share. The purchase brought Dolan's total number of shares in the company to 4,578,574, according to the filing.
The insider purchase came a week after Sonus reported its third-quarter results in which the company reported earnings of 1 cent a share and revenue of $73.22 million. The results meet analysts' earnings estimates and beat revenue estimates of $71.97 million.
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TheStreet Ratings team rates SONUS NETWORKS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SONUS NETWORKS INC (SONS) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we find that the growth in the company's net income has been quite unimpressive."