Sonos (NASDAQ:SONO) Upgraded at Wall Street Zen
by Michael Walen · The Markets DailyWall Street Zen upgraded shares of Sonos (NASDAQ:SONO – Free Report) from a buy rating to a strong-buy rating in a research note published on Saturday.
Other equities analysts have also recently issued research reports about the stock. Zacks Research cut shares of Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a research note on Thursday, January 22nd. Morgan Stanley set a $18.00 price target on shares of Sonos in a report on Wednesday, February 4th. Jefferies Financial Group boosted their price target on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price target on shares of Sonos in a report on Monday, February 2nd. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $20.00.
Read Our Latest Analysis on SONO
Sonos Stock Performance
Shares of SONO opened at $14.62 on Friday. Sonos has a 52-week low of $7.82 and a 52-week high of $19.82. The stock’s 50-day simple moving average is $14.27 and its 200 day simple moving average is $16.06. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -86.00 and a beta of 1.99.
Sonos (NASDAQ:SONO – Get Free Report) last posted its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The business had revenue of $545.66 million during the quarter, compared to analyst estimates of $536.93 million. During the same quarter in the previous year, the firm earned $0.64 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, research analysts forecast that Sonos will post 0.58 earnings per share for the current fiscal year.
Insider Activity at Sonos
In related news, major shareholder Coliseum Capital Management, L acquired 494,719 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were bought at an average cost of $15.50 per share, for a total transaction of $7,668,144.50. Following the completion of the transaction, the insider owned 15,424,999 shares in the company, valued at approximately $239,087,484.50. This trade 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 available through this hyperlink. Insiders bought a total of 3,140,482 shares of company stock worth $46,905,007 over the last ninety days. 1.25% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Sonos
A number of hedge funds and other institutional investors have recently bought and sold shares of SONO. AQR Capital Management LLC increased its holdings in shares of Sonos by 22.4% in the 1st quarter. AQR Capital Management LLC now owns 51,169 shares of the company’s stock worth $546,000 after buying an additional 9,355 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sonos by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company’s stock worth $768,000 after acquiring an additional 3,483 shares during the last quarter. Intech Investment Management LLC grew its position in Sonos by 38.5% in the first quarter. Intech Investment Management LLC now owns 151,152 shares of the company’s stock worth $1,613,000 after acquiring an additional 42,006 shares in the last quarter. Strs Ohio purchased a new position in Sonos in the first quarter worth $147,000. Finally, Norges Bank bought a new position in Sonos in the second quarter valued at $289,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.
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.