Sonos (NASDAQ:SONO) Downgraded to Buy Rating by Wall Street Zen
by Renee Jackson · The Cerbat GemWall Street Zen cut shares of Sonos (NASDAQ:SONO – Free Report) from a strong-buy rating to a buy rating in a report released on Saturday.
Several other research firms have also recently issued reports on SONO. Jefferies Financial Group upped their price objective on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research report on Monday, February 2nd. Zacks Research cut Sonos from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sonos in a report on Tuesday, April 21st. Finally, Morgan Stanley set a $18.00 price target on Sonos in a report on Wednesday, February 4th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $20.00.
Check Out Our Latest Research Report on SONO
Sonos Trading Up 0.1%
SONO stock opened at $14.84 on Friday. The stock has a market capitalization of $1.79 billion, a PE ratio of -87.29 and a beta of 1.94. Sonos has a 12-month low of $8.73 and a 12-month high of $19.82. The stock’s 50 day simple moving average is $14.06 and its 200 day simple moving average is $15.92.
Sonos (NASDAQ:SONO – Get Free Report) last released its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.08. The business had revenue of $545.66 million for the quarter, compared to analysts’ expectations of $536.93 million. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The firm’s quarterly revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. On average, research analysts predict that Sonos will post 0.58 earnings per share for the current year.
Insider Buying and Selling at Sonos
In other news, major shareholder Coliseum Capital Management, L purchased 494,719 shares of the stock in a transaction dated Wednesday, February 4th. The shares were purchased at an average cost of $15.50 per share, with a total value of $7,668,144.50. Following the acquisition, the insider directly owned 15,424,999 shares of the company’s stock, valued at $239,087,484.50. This represents a 3.31% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders acquired 3,140,482 shares of company stock worth $46,905,007. 1.25% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Sonos
Hedge funds and other institutional investors have recently modified their holdings of the company. Hantz Financial Services Inc. raised its holdings in Sonos by 307.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after purchasing an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Sonos by 699.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after purchasing an additional 1,798 shares during the period. Daiwa Securities Group Inc. bought a new position in Sonos in the 4th quarter worth $50,000. Quarry LP raised its holdings in Sonos by 485.8% in the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after purchasing an additional 2,696 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in Sonos in the 4th quarter worth $64,000. 85.82% of the stock is owned by institutional investors.
About Sonos
Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.
Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.