Man Group plc Buys Shares of 330,834 Sonos, Inc. $SONO

Man Group plc purchased a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 330,834 shares of the company’s stock, valued at approximately $4,476,000.

A number of other hedge funds also recently modified their holdings of SONO. Centaurus Financial Inc. lifted its stake in Sonos by 6.6% in the third quarter. Centaurus Financial Inc. now owns 11,056 shares of the company’s stock valued at $175,000 after purchasing an additional 681 shares during the last quarter. State of Wisconsin Investment Board lifted its position in shares of Sonos by 1.7% during the 4th quarter. State of Wisconsin Investment Board now owns 43,982 shares of the company’s stock valued at $772,000 after buying an additional 724 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Sonos by 0.7% during the 4th quarter. Intech Investment Management LLC now owns 117,718 shares of the company’s stock worth $2,067,000 after acquiring an additional 776 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Sonos by 1.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 88,302 shares of the company’s stock worth $955,000 after acquiring an additional 833 shares during the period. Finally, ProShare Advisors LLC increased its holdings in Sonos by 4.6% in the 4th quarter. ProShare Advisors LLC now owns 23,241 shares of the company’s stock worth $408,000 after acquiring an additional 1,017 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Weiss Ratings upgraded Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 target price on shares of Sonos in a research report on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Sonos presently has an average rating of “Hold” and a consensus price target of $20.00.

Insiders Place Their Bets

In other news, Director Julius Genachowski sold 19,855 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the sale, the director directly owned 53,775 shares in the company, valued at $914,175. This represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by insiders.

Sonos Price Performance

NASDAQ:SONO opened at $15.30 on Monday. Sonos, Inc. has a 1 year low of $12.44 and a 1 year high of $19.82. The stock’s fifty day moving average price is $14.97 and its two-hundred day moving average price is $14.76. The company has a market cap of $1.81 billion, a P/E ratio of 34.00 and a beta of 1.95.

Sonos (NASDAQ:SONO) last released its quarterly earnings data 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. The company had revenue of $375.26 million for the quarter, compared to analyst estimates of $365.65 million. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.03) EPS. On average, analysts expect that Sonos, Inc. will post 0.69 earnings per share for the current fiscal year.

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.