Connor Clark & Lunn Investment Management Ltd. Invests $4.29 Million in Sonos, Inc. $SONO

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Sonos, Inc. (NASDAQ:SONO) during the second quarter, Holdings Channel.com reports. The fund bought 317,426 shares of the company’s stock, valued at approximately $4,295,000.

Other large investors have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its holdings in Sonos by 2.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company’s stock worth $44,319,000 after buying an additional 90,997 shares during the period. Vanguard Group Inc. grew its holdings in shares of Sonos by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company’s stock worth $244,704,000 after acquiring an additional 204,934 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Sonos by 46.2% during the 4th quarter. BNP Paribas Financial Markets now owns 951,810 shares of the company’s stock worth $16,714,000 after acquiring an additional 300,735 shares during the period. Crestwood Capital Management L.P. raised its position in shares of Sonos by 54.5% in the 4th quarter. Crestwood Capital Management L.P. now owns 950,000 shares of the company’s stock worth $16,682,000 after acquiring an additional 335,000 shares in the last quarter. Finally, Two Seas Capital LP bought a new position in shares of Sonos in the 2nd quarter worth approximately $9,615,000. Institutional investors own 85.82% of the company’s stock.

Insiders Place Their Bets

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total value of $337,535.00. Following the completion of the transaction, the director owned 53,775 shares of the company’s stock, valued at approximately $914,175. The trade was a 26.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SONO shares. Weiss Ratings upgraded Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Rosenblatt Securities reissued a “buy” rating and set a $21.00 price objective on shares of Sonos in a research report on Thursday, July 30th. Finally, Wall Street Zen cut shares of Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Sonos presently has an average rating of “Hold” and an average price target of $20.00.

Sonos Trading Down 1.5%

Sonos stock opened at $15.10 on Friday. Sonos, Inc. has a 12 month low of $12.44 and a 12 month high of $19.82. The stock has a fifty day simple moving average of $14.95 and a two-hundred day simple moving average of $14.77. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 33.56 and a beta of 1.95.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.23. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The firm had revenue of $375.26 million for the quarter, compared to the consensus estimate of $365.65 million. During the same period in the prior year, the company posted ($0.03) earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities research analysts forecast that Sonos, Inc. will post 0.69 EPS for the current fiscal year.

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.