Sonos (NASDAQ:SONO) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Sonos (NASDAQ:SONO) in a research report sent to investors on Monday morning,Benzinga reports. Rosenblatt Securities currently has a $21.00 price target on the stock.

Several other equities research analysts have also recently commented on SONO. Jefferies Financial Group boosted their price target on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Morgan Stanley set a $17.00 target price on shares of Sonos and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Sonos from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.67.

Sonos Trading Up 3.4%

NASDAQ SONO opened at $14.84 on Monday. Sonos has a 1-year low of $7.63 and a 1-year high of $19.82. The firm’s fifty day simple moving average is $17.28 and its 200-day simple moving average is $15.67. The company has a market capitalization of $1.79 billion, a PE ratio of -28.54 and a beta of 2.05.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.11). Sonos had a negative net margin of 4.24% and a negative return on equity of 11.66%. The firm had revenue of $287.90 million for the quarter, compared to analyst estimates of $535.43 million. During the same period in the previous year, the business posted ($0.44) EPS. Sonos’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, analysts predict that Sonos will post -0.37 EPS for the current year.

Insider Buying and Selling

In related news, insider Edward P. Lazarus sold 12,000 shares of Sonos stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $19.00, for a total value of $228,000.00. Following the transaction, the insider owned 423,219 shares in the company, valued at $8,041,161. This trade represents a 2.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Conrad bought 62,325 shares of the business’s stock in a transaction on Monday, November 17th. The shares were purchased at an average cost of $16.17 per share, with a total value of $1,007,795.25. Following the transaction, the chief executive officer owned 305,103 shares in the company, valued at approximately $4,933,515.51. The trade was a 25.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 1.25% of the company’s stock.

Hedge Funds Weigh In On Sonos

A number of institutional investors have recently made changes to their positions in SONO. AQR Capital Management LLC boosted its stake in Sonos by 22.4% during the 1st quarter. AQR Capital Management LLC now owns 51,169 shares of the company’s stock valued at $546,000 after purchasing an additional 9,355 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Sonos by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company’s stock worth $768,000 after buying an additional 3,483 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Sonos by 38.5% during the first quarter. Intech Investment Management LLC now owns 151,152 shares of the company’s stock worth $1,613,000 after buying an additional 42,006 shares during the last quarter. Strs Ohio bought a new stake in shares of Sonos in the first quarter valued at approximately $147,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Sonos in the second quarter worth $452,000. 85.82% of the stock is currently owned by institutional investors.

Sonos Company Profile

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.