Allegheny Financial Group Makes New Investment in Sonos, Inc. $SONO

Allegheny Financial Group acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 60,218 shares of the company’s stock, valued at approximately $951,000.

Other institutional investors also recently modified their holdings of the company. Versor Investments LP bought a new position in Sonos during the third quarter worth $210,000. Bryce Point Capital LLC increased its position in Sonos by 134.7% in the 3rd quarter. Bryce Point Capital LLC now owns 39,451 shares of the company’s stock valued at $623,000 after buying an additional 22,640 shares in the last quarter. Allianz Asset Management GmbH increased its position in Sonos by 125.9% in the 3rd quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock valued at $7,256,000 after buying an additional 255,982 shares in the last quarter. Meridian Wealth Management LLC raised its stake in Sonos by 11.3% during the 3rd quarter. Meridian Wealth Management LLC now owns 32,304 shares of the company’s stock worth $510,000 after buying an additional 3,274 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Sonos by 35.8% in the third quarter. Thrivent Financial for Lutherans now owns 119,956 shares of the company’s stock worth $1,895,000 after acquiring an additional 31,654 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SONO. Wall Street Zen upgraded Sonos from a “hold” rating to a “buy” rating in a report on Saturday. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price target on shares of Sonos in a report on Monday, February 2nd. Morgan Stanley set a $18.00 price target on Sonos in a research report on Wednesday, February 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a report on Thursday, January 22nd. Finally, Jefferies Financial Group increased their target price on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Two 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. According to data from MarketBeat.com, Sonos has a consensus rating of “Hold” and a consensus target price of $20.00.

Insider Activity at Sonos

In related news, insider Edward P. Lazarus sold 12,000 shares of the business’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $19.00, for a total transaction of $228,000.00. Following the sale, the insider directly owned 423,219 shares in the company, valued at approximately $8,041,161. The trade was a 2.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Coliseum Capital Management, L purchased 26,824 shares of the stock in a transaction dated Friday, February 6th. The stock was purchased at an average cost of $16.49 per share, for a total transaction of $442,327.76. Following the completion of the acquisition, the insider owned 15,663,353 shares of the company’s stock, valued at approximately $258,288,690.97. This represents a 0.17% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have purchased 795,398 shares of company stock worth $12,564,091. 1.25% of the stock is owned by company insiders.

Sonos Price Performance

Shares of SONO opened at $17.45 on Wednesday. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $19.82. The stock’s fifty day moving average price is $17.01 and its two-hundred day moving average price is $15.90. The firm has a market cap of $2.11 billion, a PE ratio of -102.65 and a beta of 2.05.

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

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.