Raymond James Financial Services Advisors Inc. Sells 4,904 Shares of Sonos, Inc. (NASDAQ:SONO)

Raymond James Financial Services Advisors Inc. lowered its stake in Sonos, Inc. (NASDAQ:SONO) by 23.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,015 shares of the company’s stock after selling 4,904 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Sonos were worth $262,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Manhattan Co. acquired a new stake in shares of Sonos in the first quarter valued at about $36,000. Strs Ohio acquired a new stake in shares of Sonos in the first quarter valued at about $35,000. Public Employees Retirement System of Ohio increased its position in shares of Sonos by 74.1% in the third quarter. Public Employees Retirement System of Ohio now owns 1,826 shares of the company’s stock valued at $25,000 after acquiring an additional 777 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Sonos in the first quarter valued at about $36,000. Finally, Pacific Center for Financial Services acquired a new stake in shares of Sonos in the first quarter valued at about $39,000. Institutional investors and hedge funds own 84.26% of the company’s stock.

Insider Activity at Sonos

In related news, insider Maxime Bouvat-Merlin sold 7,496 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $14.08, for a total value of $105,543.68. Following the completion of the sale, the insider now directly owns 21,681 shares in the company, valued at $305,268.48. The sale was disclosed in a filing with the SEC, which is available at this link. In other Sonos news, insider Maxime Bouvat-Merlin sold 7,496 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $14.08, for a total transaction of $105,543.68. Following the completion of the transaction, the insider now directly owns 21,681 shares in the company, valued at $305,268.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Patrick Spence sold 45,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $13.41, for a total transaction of $603,450.00. Following the transaction, the chief executive officer now owns 925,869 shares of the company’s stock, valued at $12,415,903.29. The disclosure for this sale can be found here. 3.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Craig Hallum assumed coverage on Sonos in a research report on Friday, September 8th. They set a “buy” rating and a $20.00 price target on the stock. DA Davidson boosted their price target on Sonos from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th. TheStreet downgraded Sonos from a “c-” rating to a “d+” rating in a research report on Thursday, September 21st. Bank of America lowered their price target on Sonos from $23.70 to $20.00 in a research report on Thursday, August 10th. Finally, Rosenblatt Securities assumed coverage on Sonos in a research report on Wednesday, September 20th. They set a “buy” rating and a $20.00 price target on the stock. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.80.

Sonos Stock Up 2.1 %

Shares of NASDAQ:SONO opened at $11.34 on Friday. Sonos, Inc. has a 12-month low of $9.78 and a 12-month high of $21.98. The stock has a market cap of $1.45 billion, a PE ratio of -32.40, a P/E/G ratio of 5.56 and a beta of 1.86. The business has a 50 day moving average of $12.29 and a 200-day moving average of $15.09.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Wednesday, August 9th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.17. The company had revenue of $373.36 million during the quarter, compared to analysts’ expectations of $340.67 million. Sonos had a negative return on equity of 2.77% and a negative net margin of 2.59%. Equities research analysts expect that Sonos, Inc. will post 0.37 earnings per share for the current year.

Sonos Company Profile

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.