NewEdge Wealth LLC Sells 92,079 Shares of Sonos, Inc. $SONO

NewEdge Wealth LLC lowered its stake in Sonos, Inc. (NASDAQ:SONO) by 24.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 287,261 shares of the company’s stock after selling 92,079 shares during the period. NewEdge Wealth LLC’s holdings in Sonos were worth $4,780,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its holdings in Sonos by 65.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock worth $35,000 after purchasing an additional 1,269 shares during the last quarter. Centaurus Financial Inc. grew its holdings in Sonos by 9.0% during the second quarter. Centaurus Financial Inc. now owns 10,375 shares of the company’s stock valued at $112,000 after purchasing an additional 856 shares during the period. Transcend Capital Advisors LLC bought a new position in Sonos during the second quarter worth about $119,000. Cornerstone Investment Partners LLC bought a new position in shares of Sonos during the 3rd quarter valued at about $194,000. Finally, Integrated Investment Consultants LLC acquired a new position in shares of Sonos in the second quarter valued at approximately $139,000. Institutional investors own 85.82% of the company’s stock.

Insiders Place Their Bets

In related news, insider Edward P. Lazarus sold 12,000 shares of the company’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 completion of the sale, the insider directly owned 423,219 shares in the company, valued at $8,041,161. This represents a 2.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Coliseum Capital Management, L bought 290,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was acquired at an average price of $15.59 per share, for a total transaction of $4,521,100.00. Following the transaction, the insider owned 16,310,563 shares of the company’s stock, valued at approximately $254,281,677.17. The trade was a 1.81% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 1,380,283 shares of company stock worth $21,736,881. Company insiders own 1.25% of the company’s stock.

Sonos Stock Down 0.3%

SONO opened at $15.66 on Friday. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -92.12 and a beta of 2.05. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $19.82. The company has a 50-day simple moving average of $16.58 and a 200 day simple moving average of $16.06.

Sonos (NASDAQ:SONO) last released its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.85 by $0.08. Sonos had a negative net margin of 1.22% and a positive return on equity of 0.82%. The firm had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same period last year, the firm earned $0.64 EPS. The business’s quarterly revenue was down .9% compared to the same quarter last year. Sell-side analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SONO. Zacks Research upgraded shares of Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price target on shares of Sonos in a research note on Monday, February 2nd. Morgan Stanley set a $18.00 price target on Sonos in a research note on Wednesday, February 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Sonos Profile

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.