Alberta Investment Management Corp Lowers Stock Position in Sangoma Technologies Corporation (NASDAQ:SANG)

Key Points

• Alberta Investment Management Corp reduced its stake in Sangoma Technologies Corporation by 22.1%, now holding 938,693 shares valued at $4.23 million.
• Several institutional investors reported significant changes in their shares of Sangoma, with Arrowstreet Capital increasing holdings by 1,171.1% during the last quarter.
• Equities analysts have mixed ratings for Sangoma, including a "strong-buy" rating from Stifel Canada and a price target reduction by TD Securities to $11.00.

Alberta Investment Management Corp cut its stake in Sangoma Technologies Corporation (NASDAQ:SANG - Free Report) by 22.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 938,693 shares of the company's stock after selling 265,581 shares during the quarter. Alberta Investment Management Corp owned 2.79% of Sangoma Technologies worth $4,233,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ewing Morris & Co. Investment Partners Ltd. purchased a new position in shares of Sangoma Technologies during the fourth quarter valued at approximately $3,420,000. Intact Investment Management Inc. increased its stake in shares of Sangoma Technologies by 99.4% during the first quarter. Intact Investment Management Inc. now owns 551,525 shares of the company's stock valued at $2,488,000 after buying an additional 274,925 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Sangoma Technologies by 1,171.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 142,879 shares of the company's stock worth $993,000 after acquiring an additional 131,638 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Sangoma Technologies by 375.6% in the 4th quarter. JPMorgan Chase & Co. now owns 19,500 shares of the company's stock valued at $135,000 after purchasing an additional 15,400 shares in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in Sangoma Technologies during the fourth quarter worth $86,000. 39.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on SANG. TD Securities dropped their price objective on Sangoma Technologies from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Stifel Canada upgraded shares of Sangoma Technologies to a "strong-buy" rating in a research note on Monday, May 12th.

Sangoma Technologies Stock Performance

SANG stock traded up $0.10 during mid-day trading on Thursday, reaching $5.94. 6,585 shares of the stock traded hands, compared to its average volume of 7,062. The company has a quick ratio of 0.69, a current ratio of 0.87 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $197.45 million, a PE ratio of -28.29 and a beta of 1.37. The business has a 50-day moving average of $5.85 and a two-hundred day moving average of $5.66. Sangoma Technologies Corporation has a 52 week low of $4.08 and a 52 week high of $7.99.

Sangoma Technologies (NASDAQ:SANG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.03) EPS for the quarter, meeting analysts' consensus estimates of ($0.03). The business had revenue of $58.07 million during the quarter, compared to the consensus estimate of $58.92 million. Sangoma Technologies had a negative return on equity of 2.61% and a negative net margin of 2.91%. As a group, equities analysts predict that Sangoma Technologies Corporation will post -0.18 EPS for the current fiscal year.

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.