Arizona State Retirement System Increases Position in Sonos, Inc. (NASDAQ:SONO)

Arizona State Retirement System increased its stake in Sonos, Inc. (NASDAQ:SONO – Get Rating) by 1.5% in the 1st quarter, Holdings Channel reports. The fund owned 34,365 shares of the company’s stock after buying an additional 514 shares during the quarter. Arizona State Retirement System’s holdings in Sonos were worth $970,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SONO. HS Management Partners LLC purchased a new stake in Sonos during the fourth quarter valued at about $69,126,000. American Century Companies Inc. boosted its position in Sonos by 236.2% during the fourth quarter. American Century Companies Inc. now owns 3,263,282 shares of the company’s stock valued at $97,246,000 after buying an additional 2,292,576 shares during the period. Millennium Management LLC boosted its position in Sonos by 147.6% during the fourth quarter. Millennium Management LLC now owns 2,559,845 shares of the company’s stock valued at $76,283,000 after buying an additional 1,525,876 shares during the period. Stonehill Capital Management LLC purchased a new stake in Sonos during the fourth quarter valued at about $40,744,000. Finally, Scopia Capital Management LP boosted its position in Sonos by 83.5% during the fourth quarter. Scopia Capital Management LP now owns 2,258,102 shares of the company’s stock valued at $67,291,000 after buying an additional 1,027,351 shares during the period. 91.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Patrick Spence sold 65,237 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $18.96, for a total transaction of $1,236,893.52. Following the sale, the chief executive officer now owns 727,690 shares in the company, valued at $13,797,002.40. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Matthew O. Siegel sold 202,945 shares of the stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $19.25, for a total transaction of $3,906,691.25. Following the sale, the insider now owns 68,339 shares in the company, valued at $1,315,525.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Patrick Spence sold 65,237 shares of the stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $18.96, for a total transaction of $1,236,893.52. Following the sale, the chief executive officer now owns 727,690 shares in the company, valued at approximately $13,797,002.40. The disclosure for this sale can be found here. Insiders have sold a total of 269,992 shares of company stock worth $5,182,219 over the last 90 days. 3.60% of the stock is currently owned by insiders.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $21.56 on Wednesday. Sonos, Inc. has a fifty-two week low of $17.43 and a fifty-two week high of $42.57. The company has a 50 day simple moving average of $20.33 and a two-hundred day simple moving average of $23.46. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 22.00, a P/E/G ratio of 2.22 and a beta of 1.91.

Sonos (NASDAQ:SONO – Get Rating) last announced its earnings results 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 7.83% and a return on equity of 32.39%. The business had revenue of $399.78 million during the quarter, compared to the consensus estimate of $361.40 million. During the same quarter last year, the firm earned $0.31 earnings per share. On average, analysts forecast that Sonos, Inc. will post 1.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.