Comerica Bank Makes New $2.63 Million Investment in Sonos, Inc. (NASDAQ:SONO)

Comerica Bank acquired a new position in Sonos, Inc. (NASDAQ:SONOGet Rating) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 103,601 shares of the company’s stock, valued at approximately $2,631,000.

Several other hedge funds and other institutional investors have also bought and sold shares of SONO. Spire Wealth Management boosted its position in Sonos by 824.0% in the fourth quarter. Spire Wealth Management now owns 1,848 shares of the company’s stock worth $55,000 after purchasing an additional 1,648 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Sonos during the 4th quarter valued at $3,525,000. Strs Ohio lifted its position in shares of Sonos by 10.0% during the 4th quarter. Strs Ohio now owns 50,800 shares of the company’s stock valued at $1,513,000 after buying an additional 4,600 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Sonos during the 4th quarter valued at $40,000. Finally, Kistler Tiffany Companies LLC purchased a new position in shares of Sonos during the 4th quarter valued at $113,000. Hedge funds and other institutional investors own 91.37% of the company’s stock.

Insiders Place Their Bets

In other Sonos news, CEO Patrick Spence sold 65,237 shares of the company’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $18.96, for a total value of $1,236,893.52. Following the transaction, the chief executive officer now directly owns 727,690 shares in the company, valued at approximately $13,797,002.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Matthew O. Siegel sold 202,945 shares of the company’s stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $19.25, for a total value of $3,906,691.25. Following the completion of the transaction, the insider now directly owns 68,339 shares in the company, valued at approximately $1,315,525.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Patrick Spence sold 65,237 shares of the company’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $18.96, for a total value of $1,236,893.52. Following the completion of the transaction, the chief executive officer now owns 727,690 shares of the company’s stock, valued at $13,797,002.40. The disclosure for this sale can be found here. Insiders have sold 269,992 shares of company stock worth $5,182,219 in the last ninety days. 3.60% of the stock is currently owned by insiders.

Sonos Stock Performance

NASDAQ:SONO opened at $21.29 on Friday. Sonos, Inc. has a 52-week low of $17.43 and a 52-week high of $42.57. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 2.08 and a beta of 1.88. The business’s fifty day moving average is $20.23 and its 200 day moving average is $23.91.

Sonos (NASDAQ:SONOGet Rating) last announced its earnings results on Wednesday, May 11th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. The business had revenue of $399.78 million for the quarter, compared to analyst estimates of $361.40 million. Sonos had a return on equity of 32.39% and a net margin of 7.83%. During the same period in the prior year, the company earned $0.31 EPS. Equities analysts predict that Sonos, Inc. will post 1.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Jefferies Financial Group dropped their price target on Sonos from $45.00 to $35.00 in a research report on Tuesday, May 31st. DA Davidson dropped their price target on Sonos from $49.00 to $40.00 in a research report on Thursday, May 12th. Morgan Stanley lowered Sonos from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $38.00 to $28.00 in a research note on Tuesday, June 14th. Finally, TheStreet lowered Sonos from a “b-” rating to a “c” rating in a research note on Wednesday, May 11th.

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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Institutional Ownership by Quarter for Sonos (NASDAQ:SONO)

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