Sonos (NASDAQ:SONO) Earns “Buy” Rating from Rosenblatt Securities

Sonos (NASDAQ:SONO)‘s stock had its “buy” rating restated by analysts at Rosenblatt Securities in a report released on Monday,Benzinga reports. They currently have a $21.00 price target on the stock. Rosenblatt Securities’ price target indicates a potential upside of 36.72% from the stock’s current price.

Other analysts also recently issued reports about the stock. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Zacks Research downgraded shares of Sonos from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.00.

Sonos Price Performance

NASDAQ:SONO opened at $15.36 on Monday. The firm’s 50-day moving average price is $14.74 and its 200-day moving average price is $15.62. The company has a market capitalization of $1.83 billion, a PE ratio of 90.36 and a beta of 1.93. Sonos has a 1-year low of $9.65 and a 1-year high of $19.82.

Insider Buying and Selling

In other news, major shareholder Coliseum Capital Management, L acquired 125,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were bought at an average cost of $13.57 per share, with a total value of $1,696,250.00. Following the transaction, the insider owned 18,070,762 shares of the company’s stock, valued at $245,220,240.34. This trade represents a 0.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.25% of the company’s stock.

Institutional Trading of Sonos

Institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in shares of Sonos by 22.4% during the 1st quarter. AQR Capital Management LLC now owns 51,169 shares of the company’s stock valued at $546,000 after acquiring an additional 9,355 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Sonos by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company’s stock valued at $768,000 after acquiring an additional 3,483 shares during the last quarter. Intech Investment Management LLC boosted its holdings in shares of Sonos by 38.5% during the 1st quarter. Intech Investment Management LLC now owns 151,152 shares of the company’s stock valued at $1,613,000 after acquiring an additional 42,006 shares during the last quarter. Strs Ohio purchased a new stake in shares of Sonos during the 1st quarter valued at about $147,000. Finally, Norges Bank purchased a new stake in shares of Sonos during the 2nd quarter valued at about $289,000. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Company 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.