The Manufacturers Life Insurance Company Acquires New Stake in Sonos, Inc. $SONO

by · The Markets Daily

The Manufacturers Life Insurance Company acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 60,169 shares of the company’s stock, valued at approximately $814,000. The Manufacturers Life Insurance Company owned approximately 0.05% of Sonos at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. boosted its stake in shares of Sonos by 307.9% during 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 last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Sonos by 699.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after buying an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in shares of Sonos in the fourth quarter valued at approximately $50,000. Quarry LP raised its position in shares of Sonos by 485.8% in the third quarter. Quarry LP now owns 3,251 shares of the company’s stock valued at $51,000 after buying an additional 2,696 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Sonos during the second quarter valued at approximately $59,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Insider Buying and Selling

In other Sonos news, Director Karen Boone sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $15.39, for a total transaction of $153,900.00. Following the transaction, the director owned 84,271 shares of the company’s stock, valued at $1,296,930.69. This trade represents a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total transaction of $337,535.00. Following the completion of the transaction, the director owned 53,775 shares in the company, valued at approximately $914,175. This trade represents a 26.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.25% of the company’s stock.

Sonos Price Performance

SONO opened at $15.36 on Friday. Sonos, Inc. has a 12 month low of $12.44 and a 12 month high of $19.82. The business has a 50-day moving average of $15.13 and a two-hundred day moving average of $14.74. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 34.13 and a beta of 1.93.

Sonos (NASDAQ:SONO – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.23. Sonos had a net margin of 3.82% and a return on equity of 19.10%. The business had revenue of $375.26 million for the quarter, compared to analyst estimates of $365.65 million. During the same period in the prior year, the firm posted ($0.03) EPS. The company’s revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that Sonos, Inc. will post 0.69 earnings per share for the current year.

Analysts Set New Price Targets

SONO has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 22nd. Weiss Ratings raised Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Finally, Rosenblatt Securities restated a “buy” rating and set a $21.00 price objective on shares of Sonos in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Sonos presently has an average rating of “Hold” and an average price target of $20.00.

Read Our Latest Research Report on Sonos

Sonos Profile

(Free Report)

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.

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