Ieq Capital LLC acquired a new stake in Sonos, Inc. (NASDAQ:SONO – Free Report) during the second quarter, HoldingsChannel.com reports. The fund acquired 182,507 shares of the company’s stock, valued at approximately $2,469,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Hantz Financial Services Inc. lifted its position 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 stake in 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 in the last quarter. Daiwa Securities Group Inc. purchased a new stake in Sonos during the 4th quarter worth about $50,000. Quarry LP boosted its position in shares of Sonos by 485.8% during the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after acquiring an additional 2,696 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Sonos in the 2nd quarter valued at about $59,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
SONO has been the subject of several recent analyst reports. Wall Street Zen cut Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price target on shares of Sonos in a research note on Thursday, July 30th. Finally, Weiss Ratings raised shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $20.00.
Sonos Stock Performance
Shares of SONO stock opened at $15.41 on Tuesday. The stock’s 50-day moving average is $14.92 and its two-hundred day moving average is $14.79. Sonos, Inc. has a 1 year low of $12.44 and a 1 year high of $19.82. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 34.25 and a beta of 1.95.
Sonos (NASDAQ:SONO – Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.23. The business had revenue of $375.26 million during the quarter, compared to the consensus estimate of $365.65 million. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.03) EPS. As a group, research analysts predict that Sonos, Inc. will post 0.69 EPS for the current year.
Insiders Place Their Bets
In other news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total value of $337,535.00. Following the completion of the sale, the director directly owned 53,775 shares of the company’s stock, valued at approximately $914,175. This represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.25% of the company’s stock.
Sonos 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.
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