Sonos, Inc. $SONO Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its position in shares of Sonos, Inc. (NASDAQ:SONO) by 4.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,888,760 shares of the company’s stock after purchasing an additional 82,156 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Sonos were worth $33,167,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SONO. Arrowstreet Capital Limited Partnership boosted its stake in shares of Sonos by 626.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock worth $42,083,000 after purchasing an additional 2,296,996 shares during the last quarter. Cubist Systematic Strategies LLC boosted its stake in shares of Sonos by 250.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after purchasing an additional 996,425 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Sonos by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 13,730,353 shares of the company’s stock worth $216,940,000 after purchasing an additional 768,776 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Sonos by 1,472.4% during the 2nd quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock worth $8,698,000 after purchasing an additional 753,414 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Sonos during the 4th quarter worth about $12,357,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Performance

SONO opened at $14.83 on Friday. The company’s 50 day simple moving average is $13.99 and its 200 day simple moving average is $15.80. Sonos, Inc. has a 1 year low of $9.65 and a 1 year high of $19.82. The stock has a market capitalization of $1.77 billion, a PE ratio of 87.24 and a beta of 1.94.

Insider Activity

In related news, major shareholder Coliseum Capital Management, L bought 125,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The shares were acquired at an average cost of $13.57 per share, with a total value of $1,696,250.00. Following the completion of the transaction, the insider 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have purchased 2,050,249 shares of company stock valued at $29,689,950 over the last 90 days. 1.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SONO has been the topic of several analyst reports. Wall Street Zen cut shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 price target on shares of Sonos in a research note on Tuesday, May 5th. Zacks Research cut shares of Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Morgan Stanley set a $18.00 target price on shares of Sonos in a research report on Wednesday, February 4th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $20.00.

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.