Sonos, Inc. (NASDAQ:SONO) Receives Average Rating of “Moderate Buy” from Brokerages

Sonos, Inc. (NASDAQ:SONO) has received a consensus recommendation of “Moderate Buy” from the five analysts that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $20.00.

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Morgan Stanley set a $18.00 price target on shares of Sonos in a research note on Wednesday, February 4th. Rosenblatt Securities restated a “buy” rating and set a $21.00 price objective on shares of Sonos in a research note on Monday, February 2nd. Zacks Research raised shares of Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Finally, Jefferies Financial Group upped their target price on shares of Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 5th.

Sonos Stock Down 6.1%

Shares of SONO opened at $14.27 on Friday. The business’s 50 day moving average price is $15.90 and its 200-day moving average price is $16.32. Sonos has a 52 week low of $7.63 and a 52 week high of $19.82. The stock has a market cap of $1.72 billion, a P/E ratio of -83.94 and a beta of 1.97.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. The company had revenue of $545.66 million during the quarter, compared to analyst estimates of $536.93 million. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the company earned $0.64 EPS. On average, equities analysts anticipate that Sonos will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 494,719 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were acquired at an average cost of $15.50 per share, with a total value of $7,668,144.50. Following the transaction, the insider owned 15,424,999 shares of the company’s stock, valued at $239,087,484.50. The trade was a 3.31% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have purchased 1,991,562 shares of company stock valued at $30,876,917. 1.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SONO. AQR Capital Management LLC lifted its holdings in shares of Sonos by 22.4% during the first 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 in the last quarter. Intech Investment Management LLC raised its position in Sonos by 38.5% in the 1st 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 position in Sonos during the 1st quarter valued at about $147,000. Finally, Envestnet Asset Management Inc. lifted its stake in Sonos by 8.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 145,826 shares of the company’s stock valued at $1,576,000 after acquiring an additional 10,755 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

About Sonos

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.