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

Shares of Sonos, Inc. (NASDAQ:SONO) have been given a consensus rating of “Moderate Buy” by the five brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $20.00.

A number of equities analysts recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a report on Thursday, January 22nd. Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. Jefferies Financial Group lifted their target price on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Rosenblatt Securities reissued a “buy” rating and set a $21.00 target price on shares of Sonos in a research note on Monday, February 2nd. Finally, Morgan Stanley set a $18.00 price target on Sonos in a report on Wednesday, February 4th.

Sonos Price Performance

NASDAQ:SONO opened at $13.72 on Thursday. The company’s 50-day moving average is $14.71 and its two-hundred day moving average is $16.24. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -80.71 and a beta of 1.99. Sonos has a 1-year low of $7.63 and a 1-year high of $19.82.

Sonos (NASDAQ:SONO) last announced its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate 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 negative net margin of 1.22% and a positive return on equity of 0.82%. Sonos’s revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. As a group, equities analysts anticipate that Sonos will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Coliseum Capital Management, L purchased 125,000 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were bought at an average cost of $13.57 per share, for a total transaction of $1,696,250.00. Following the completion of the purchase, the insider directly owned 18,070,762 shares of the company’s stock, valued at approximately $245,220,240.34. This trade represents a 0.70% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last three months, insiders have acquired 3,140,482 shares of company stock worth $46,905,007. 1.25% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sonos

Hedge funds have recently made changes to their positions in the company. Corient Private Wealth LLC lifted its stake in Sonos by 156.3% in the fourth quarter. Corient Private Wealth LLC now owns 41,424 shares of the company’s stock valued at $727,000 after buying an additional 25,261 shares during the last quarter. Invesco Ltd. grew its position in shares of Sonos by 3.1% during the fourth quarter. Invesco Ltd. now owns 533,132 shares of the company’s stock worth $9,362,000 after acquiring an additional 16,118 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in shares of Sonos by 3.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 43,263 shares of the company’s stock valued at $760,000 after acquiring an additional 1,318 shares during the period. Summit Global Investments acquired a new position in shares of Sonos in the 4th quarter valued at $1,255,000. Finally, XTX Topco Ltd purchased a new stake in Sonos in the 4th quarter valued at $1,462,000. 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.