Sonos (NASDAQ:SONO) Raised to Strong-Buy at Zacks Research

by · The Markets Daily

Sonos (NASDAQ:SONO – Get Free Report) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group raised their price target on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price target on shares of Sonos in a report on Monday, February 2nd. Wall Street Zen upgraded shares of Sonos from a “hold” rating to a “buy” rating in a research report on Saturday. Morgan Stanley set a $18.00 price objective on shares of Sonos in a research report on Wednesday, February 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Check Out Our Latest Research Report on Sonos

Sonos Stock Performance

Shares of NASDAQ:SONO traded down $0.97 during midday trading on Monday, hitting $16.49. 171,844 shares of the stock were exchanged, compared to its average volume of 1,836,149. Sonos has a 52-week low of $7.63 and a 52-week high of $19.82. The business’s fifty day simple moving average is $17.01 and its two-hundred day simple moving average is $15.90. The company has a market capitalization of $1.99 billion, a PE ratio of -96.15 and a beta of 2.05.

Sonos (NASDAQ:SONO – Get Free Report) last posted its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.85 by $0.08. The company had revenue of $545.66 million during the quarter, compared to the consensus estimate of $536.93 million. Sonos had a negative net margin of 1.22% and a positive return on equity of 0.82%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. As a group, equities analysts anticipate that Sonos will post -0.37 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Coliseum Capital Management, L bought 26,824 shares of the company’s stock in a transaction on Friday, February 6th. The shares were purchased at an average cost of $16.49 per share, for a total transaction of $442,327.76. Following the acquisition, the insider owned 15,663,353 shares of the company’s stock, valued at approximately $258,288,690.97. This represents a 0.17% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Edward P. Lazarus sold 12,000 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $19.00, for a total transaction of $228,000.00. Following the sale, the insider owned 423,219 shares in the company, valued at approximately $8,041,161. The trade was a 2.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have acquired 795,398 shares of company stock valued at $12,564,091. 1.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sonos

Institutional investors have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd lifted its holdings in Sonos by 620.4% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company’s stock valued at $2,001,000 after purchasing an additional 159,448 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Sonos by 25.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock worth $240,000 after buying an additional 4,530 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Sonos during the 3rd quarter worth about $3,658,000. Allianz Asset Management GmbH grew its stake in Sonos by 975.4% in the 2nd quarter. Allianz Asset Management GmbH now owns 203,242 shares of the company’s stock valued at $2,197,000 after buying an additional 184,342 shares during the last quarter. Finally, Bryce Point Capital LLC bought a new position in Sonos in the 2nd quarter valued at about $182,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Company Profile

(Get 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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