Arrowstreet Capital Limited Partnership Raises Stock Holdings in Sonos, Inc. $SONO

Arrowstreet Capital Limited Partnership increased its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,307,363 shares of the company’s stock after purchasing an additional 90,997 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 2.78% of Sonos worth $44,319,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. boosted its stake in shares of Sonos by 307.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after purchasing an additional 1,330 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Sonos by 699.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after buying an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Sonos during the fourth quarter valued at approximately $50,000. Quarry LP lifted its stake in shares of Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company’s stock valued at $51,000 after buying an additional 2,696 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Sonos during the fourth quarter valued at approximately $64,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on SONO. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Zacks Research downgraded shares of Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 target price on shares of Sonos in a research report on Monday, June 15th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Sonos currently has an average rating of “Hold” and an average price target of $20.00.

Sonos Trading Up 6.6%

SONO opened at $15.66 on Tuesday. The company has a fifty day simple moving average of $14.78 and a 200 day simple moving average of $14.76. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 92.12 and a beta of 1.96. Sonos, Inc. has a twelve month low of $10.11 and a twelve month high of $19.82.

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.