Sonic (NASDAQ:SONC)‘s stock had its “market perform” rating reaffirmed by Telsey Advisory Group in a report released on Wednesday, Marketbeat Ratings reports. They presently have a $28.00 price target on the restaurant operator’s stock, down from their previous price target of $31.00. Telsey Advisory Group’s target price would suggest a potential upside of 14.80% from the stock’s previous close.
A number of other research firms have also recently weighed in on SONC. Guggenheim reaffirmed a “buy” rating and set a $31.00 price objective (up from $29.00) on shares of Sonic in a research report on Thursday, December 28th. Canaccord Genuity reaffirmed a “hold” rating and set a $30.00 price objective on shares of Sonic in a research report on Friday, January 5th. UBS Group reaffirmed a “neutral” rating and set a $28.00 price objective (up from $26.00) on shares of Sonic in a research report on Friday, January 5th. Oppenheimer cut Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 price objective for the company. in a research report on Thursday, January 4th. Finally, Zacks Investment Research raised Sonic from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $29.43.
Shares of Sonic (SONC) opened at $24.39 on Wednesday. Sonic has a 1 year low of $22.11 and a 1 year high of $30.05. The company has a debt-to-equity ratio of -2.87, a quick ratio of 1.81 and a current ratio of 1.81. The firm has a market capitalization of $951.07, a P/E ratio of 18.59, a price-to-earnings-growth ratio of 1.10 and a beta of 1.55.
In related news, Director Frank E. Richardson III sold 3,670 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $28.21, for a total value of $103,530.70. Following the completion of the transaction, the director now directly owns 1,061,699 shares of the company’s stock, valued at approximately $29,950,528.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Federico F. Pena sold 9,686 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $24.61, for a total value of $238,372.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,931 shares of company stock valued at $460,807. Company insiders own 6.24% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Elkfork Partners LLC purchased a new position in Sonic in the 4th quarter valued at approximately $209,000. MetLife Investment Advisors LLC purchased a new position in Sonic in the 4th quarter valued at approximately $465,000. Gotham Asset Management LLC increased its stake in Sonic by 41.3% in the 4th quarter. Gotham Asset Management LLC now owns 333,412 shares of the restaurant operator’s stock valued at $9,162,000 after purchasing an additional 97,489 shares in the last quarter. Glenmede Trust Co. NA increased its stake in Sonic by 97.2% in the 4th quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock valued at $126,000 after purchasing an additional 2,284 shares in the last quarter. Finally, Jane Street Group LLC purchased a new position in Sonic in the 4th quarter valued at approximately $830,000.
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Sonic Company Profile
Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.
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