Sonos, Inc. (NASDAQ:SONO) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Sonos, Inc. (NASDAQ:SONO) has earned a consensus rating of “Moderate Buy” from the five ratings firms that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $20.00.

A number of research analysts have recently commented on the stock. Rosenblatt Securities reissued a “buy” rating and set a $21.00 target price on shares of Sonos in a research report on Monday, February 2nd. Jefferies Financial Group boosted their target price on shares of Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Morgan Stanley set a $18.00 target price on shares of Sonos in a research report on Wednesday, February 4th. Finally, Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th.

Sonos Trading Up 0.1%

NASDAQ SONO opened at $13.59 on Thursday. The company’s fifty day simple moving average is $14.62 and its 200-day simple moving average is $16.21. Sonos has a 52 week low of $7.63 and a 52 week high of $19.82. The stock has a market cap of $1.64 billion, a P/E ratio of -79.94 and a beta of 1.99.

Sonos (NASDAQ:SONO) last posted its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $545.66 million for the quarter, compared to analysts’ expectations of $536.93 million. During the same period in the previous year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was down .9% compared to the same quarter last year. On average, research analysts expect that Sonos will post -0.37 EPS for the current fiscal year.

Insider Transactions at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 125,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were purchased at an average cost of $13.57 per share, with a total value of $1,696,250.00. Following the completion of the acquisition, the insider directly owned 18,070,762 shares of the company’s stock, valued at approximately $245,220,240.34. The trade was a 0.70% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired 3,140,482 shares of company stock valued at $46,905,007 over the last 90 days. Corporate insiders own 1.25% of the company’s stock.

Institutional Trading of Sonos

Several institutional investors have recently added to or reduced their stakes in SONO. Arrowstreet Capital Limited Partnership raised its holdings in Sonos by 626.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock valued at $42,083,000 after acquiring an additional 2,296,996 shares in the last quarter. Cooper Creek Partners Management LLC raised its holdings in Sonos by 38.6% in the second quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company’s stock valued at $45,876,000 after acquiring an additional 1,181,033 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in Sonos by 250.8% in the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock valued at $15,066,000 after acquiring an additional 996,425 shares in the last quarter. Vanguard Group Inc. raised its holdings in Sonos by 5.9% in the third quarter. Vanguard Group Inc. now owns 13,730,353 shares of the company’s stock valued at $216,940,000 after acquiring an additional 768,776 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Sonos by 1,472.4% in the second quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock valued at $8,698,000 after acquiring an additional 753,414 shares in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

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.