Sonos (NASDAQ:SONO) Price Target Cut to $40.00 by Analysts at DA Davidson

Sonos (NASDAQ:SONOGet Rating) had its target price dropped by DA Davidson from $49.00 to $40.00 in a research report issued to clients and investors on Thursday, The Fly reports. DA Davidson’s price target would suggest a potential upside of 110.42% from the stock’s previous close.

A number of other equities analysts have also weighed in on SONO. Stifel Nicolaus cut their price objective on shares of Sonos from $40.00 to $34.00 in a research report on Thursday, February 10th. TheStreet upgraded shares of Sonos from a “c+” rating to a “b-” rating in a report on Wednesday, February 9th. Jefferies Financial Group lowered their target price on shares of Sonos from $50.00 to $45.00 in a report on Monday. Finally, Morgan Stanley lowered their target price on shares of Sonos from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, February 3rd.

NASDAQ:SONO opened at $19.01 on Thursday. The firm has a 50 day simple moving average of $25.27 and a 200-day simple moving average of $27.99. The firm has a market cap of $2.43 billion, a PE ratio of 18.28, a P/E/G ratio of 1.24 and a beta of 1.86. Sonos has a 1-year low of $18.92 and a 1-year high of $42.57.

Sonos (NASDAQ:SONOGet Rating) last posted its quarterly earnings data on Wednesday, May 11th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. Sonos had a net margin of 8.63% and a return on equity of 39.60%. During the same period last year, the firm earned $0.31 earnings per share. Equities analysts expect that Sonos will post 1.23 earnings per share for the current year.

In other Sonos news, CEO Patrick Spence sold 65,237 shares of the business’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $25.67, for a total transaction of $1,674,633.79. Following the completion of the sale, the chief executive officer now directly owns 668,969 shares in the company, valued at $17,172,434.23. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joanna Coles sold 905 shares of the business’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $27.71, for a total transaction of $25,077.55. Following the sale, the director now owns 24,717 shares of the company’s stock, valued at $684,908.07. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 163,596 shares of company stock valued at $4,139,960. 3.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SONO. HS Management Partners LLC purchased a new stake in Sonos during the fourth quarter worth approximately $69,126,000. American Century Companies Inc. grew its stake in Sonos by 236.2% during the fourth quarter. American Century Companies Inc. now owns 3,263,282 shares of the company’s stock worth $97,246,000 after buying an additional 2,292,576 shares during the period. BlackRock Inc. grew its stake in Sonos by 20.8% during the fourth quarter. BlackRock Inc. now owns 12,604,939 shares of the company’s stock worth $375,626,000 after buying an additional 2,169,038 shares during the period. Invesco Ltd. grew its stake in Sonos by 2,513.1% during the third quarter. Invesco Ltd. now owns 1,831,567 shares of the company’s stock worth $59,269,000 after buying an additional 1,761,475 shares during the period. Finally, Millennium Management LLC grew its stake in Sonos by 147.6% during the fourth quarter. Millennium Management LLC now owns 2,559,845 shares of the company’s stock worth $76,283,000 after buying an additional 1,525,876 shares during the period. Institutional investors own 91.37% of the company’s stock.

About Sonos (Get Rating)

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its Website sonos.com.

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