Wealth Enhancement Advisory Services LLC Invests $452,000 in Sonos, Inc. $SONO

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 40,603 shares of the company’s stock, valued at approximately $452,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fox Run Management L.L.C. raised its position in Sonos by 10.1% in the 1st quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company’s stock worth $132,000 after purchasing an additional 1,128 shares during the period. Blueshift Asset Management LLC boosted its position in Sonos by 11.4% during the 1st quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company’s stock valued at $143,000 after acquiring an additional 1,367 shares in the last quarter. Headlands Technologies LLC grew its stake in Sonos by 38.8% in the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company’s stock valued at $83,000 after purchasing an additional 2,168 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Sonos by 5.1% in the 1st quarter. HighTower Advisors LLC now owns 49,958 shares of the company’s stock worth $533,000 after buying an additional 2,407 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in shares of Sonos during the first quarter worth $29,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Insider Buying and Selling

In other news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $11.25 per share, for a total transaction of $7,593,750.00. Following the completion of the purchase, the insider owned 14,505,191 shares of the company’s stock, valued at approximately $163,183,398.75. This represents a 4.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Conrad acquired 92,300 shares of the company’s stock in a transaction on Friday, August 8th. The stock was purchased at an average cost of $11.10 per share, for a total transaction of $1,024,530.00. Following the completion of the transaction, the chief executive officer owned 242,778 shares in the company, valued at approximately $2,694,835.80. The trade was a 61.34% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 1,875,053 shares of company stock valued at $20,886,926. Corporate insiders own 1.80% of the company’s stock.

Sonos Stock Up 4.7%

SONO opened at $17.81 on Tuesday. The firm has a market cap of $2.15 billion, a P/E ratio of -27.40 and a beta of 2.26. The business has a fifty day simple moving average of $13.93 and a 200-day simple moving average of $11.40. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $17.85.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The business had revenue of $344.76 million for the quarter, compared to analyst estimates of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The firm’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. Sell-side analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

SONO has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a research report on Saturday, September 27th. Wall Street Zen raised shares of Sonos from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $17.00 price target on shares of Sonos in a report on Wednesday, August 20th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $15.00.

Sonos Company Profile

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.