Sonos (NASDAQ:SONO) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Sonos (NASDAQ:SONO – Get Rating) announced its quarterly earnings data on Wednesday. The company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02, MarketWatch Earnings reports. Sonos had a return on equity of 39.60% and a net margin of 8.63%. During the same quarter in the prior year, the company posted $0.31 earnings per share. Sonos updated its FY 2022 guidance to EPS.

SONO opened at $21.72 on Friday. Sonos has a fifty-two week low of $18.92 and a fifty-two week high of $42.57. The company’s 50 day moving average price is $25.19 and its two-hundred day moving average price is $27.91. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 22.16, a PEG ratio of 1.20 and a beta of 1.86.

A number of research analysts have recently commented on the stock. Stifel Nicolaus dropped their target price on shares of Sonos from $40.00 to $34.00 in a report on Thursday, February 10th. Jefferies Financial Group dropped their price objective on shares of Sonos from $50.00 to $45.00 in a research note on Monday. Morgan Stanley decreased their target price on shares of Sonos from $49.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, February 3rd. DA Davidson lowered their price target on shares of Sonos from $49.00 to $40.00 in a report on Thursday. Finally, TheStreet downgraded Sonos from a “b-” rating to a “c” rating in a report on Wednesday.

In related news, CEO Patrick Spence sold 65,237 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $25.67, for a total value of $1,674,633.79. Following the sale, the chief executive officer now directly owns 668,969 shares in the company, valued at $17,172,434.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joanna Coles sold 905 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $27.71, for a total transaction of $25,077.55. Following the sale, the director now directly owns 24,717 shares of the company’s stock, valued at approximately $684,908.07. The disclosure for this sale can be found here. Insiders have sold 163,596 shares of company stock valued at $4,139,960 in the last ninety days. Insiders own 3.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in SONO. Zullo Investment Group Inc. acquired a new stake in Sonos during the 4th quarter worth about $30,000. US Bancorp DE grew its stake in Sonos by 30.9% during the first quarter. US Bancorp DE now owns 4,646 shares of the company’s stock worth $131,000 after purchasing an additional 1,098 shares during the period. CIBC World Markets Inc. bought a new stake in Sonos in the fourth quarter worth approximately $329,000. Raymond James Financial Services Advisors Inc. increased its holdings in Sonos by 9.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,381 shares of the company’s stock worth $970,000 after purchasing an additional 2,830 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp lifted its stake in Sonos by 117.0% in the fourth quarter. Lombard Odier Asset Management USA Corp now owns 57,500 shares of the company’s stock valued at $1,714,000 after buying an additional 31,000 shares during the period. Institutional investors and hedge funds own 91.37% of the company’s stock.

Sonos Company Profile (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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