Sonos (NASDAQ:SONO) Stock Rating Upgraded by Wall Street Zen

Sonos (NASDAQ:SONO) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Rosenblatt Securities dropped their target price on Sonos from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $12.25.

Sonos Trading Down 4.2%

Sonos stock opened at $10.36 on Friday. Sonos has a twelve month low of $7.63 and a twelve month high of $15.89. The stock’s fifty day simple moving average is $10.57 and its 200-day simple moving average is $11.05. The firm has a market capitalization of $1.24 billion, a P/E ratio of -17.56 and a beta of 2.04.

Insider Buying and Selling

In related news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the company’s stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $11.25 per share, with a total value of $7,593,750.00. Following the completion of the acquisition, the insider owned 14,505,191 shares in the company, valued at approximately $163,183,398.75. This represents a 4.88% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought a total of 2,387,103 shares of company stock valued at $25,629,973 in the last three months. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AlphaQuest LLC acquired a new stake in Sonos during the first quarter worth approximately $29,000. Nisa Investment Advisors LLC boosted its position in Sonos by 65.6% during the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock worth $35,000 after acquiring an additional 1,269 shares during the last quarter. Farther Finance Advisors LLC boosted its position in Sonos by 222.7% during the second quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company’s stock worth $40,000 after acquiring an additional 2,563 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Sonos during the fourth quarter worth approximately $84,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Sonos by 96.3% in the 2nd quarter. GAMMA Investing LLC now owns 6,035 shares of the company’s stock valued at $65,000 after purchasing an additional 2,961 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company 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.