Sonos (NASDAQ:SONO) Shares Gap Down to $17.58

Sonos, Inc. (NASDAQ:SONO) shares gapped down before the market opened on Wednesday . The stock had previously closed at $17.58, but opened at $16.30. Sonos shares last traded at $16.36, with a volume of 928,138 shares.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SONO. Morgan Stanley lifted their price objective on Sonos from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. TheStreet raised shares of Sonos from a “d+” rating to a “c-” rating in a research report on Wednesday, February 14th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $24.00 price objective on shares of Sonos in a research note on Monday, March 25th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

Sonos Stock Up 2.4 %

The company has a market capitalization of $2.14 billion, a P/E ratio of -575.00 and a beta of 2.00. The business has a fifty day moving average price of $18.11 and a 200 day moving average price of $16.41.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.22. The firm had revenue of $612.87 million during the quarter, compared to the consensus estimate of $588.96 million. Sonos had a positive return on equity of 5.65% and a negative net margin of 0.28%. As a group, equities analysts forecast that Sonos, Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In other Sonos news, insider Christopher Scott Mason sold 20,000 shares of the stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $17.62, for a total value of $352,400.00. Following the completion of the sale, the insider now owns 119,179 shares in the company, valued at $2,099,933.98. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 22,715 shares of company stock worth $402,845. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Sonos

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new position in shares of Sonos in the fourth quarter valued at $35,000. Quent Capital LLC acquired a new stake in Sonos during the first quarter worth approximately $95,000. Centaurus Financial Inc. bought a new stake in shares of Sonos during the fourth quarter worth approximately $112,000. U.S. Capital Wealth Advisors LLC acquired a new position in shares of Sonos in the fourth quarter valued at approximately $175,000. Finally, Ieq Capital LLC bought a new position in shares of Sonos during the third quarter worth approximately $132,000. Institutional investors own 85.82% of the company’s stock.

Sonos Company Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.