Rosenblatt Securities Issues Pessimistic Forecast for Sonos (NASDAQ:SONO) Stock Price

Sonos (NASDAQ:SONO) had its price target lowered by stock analysts at Rosenblatt Securities from $18.00 to $15.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 67.22% from the stock’s current price.

Separately, Jefferies Financial Group reduced their price objective on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, April 7th.

Sonos Price Performance

Shares of SONO opened at $8.97 on Thursday. Sonos has a 1-year low of $7.63 and a 1-year high of $17.65. The company has a market capitalization of $1.07 billion, a P/E ratio of -15.74 and a beta of 2.06. The firm’s 50 day simple moving average is $10.09 and its 200 day simple moving average is $12.56.

Sonos (NASDAQ:SONO) last released its earnings results on Thursday, February 6th. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. On average, equities analysts anticipate that Sonos will post -0.37 earnings per share for the current year.

Sonos announced that its board has approved a share buyback plan on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to repurchase up to 10.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the purchase, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. The trade was a 0.52 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Sonos

Several hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in Sonos during the 4th quarter valued at $30,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Sonos during the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC boosted its stake in shares of Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after acquiring an additional 1,721 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after buying an additional 1,352 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Sonos in the 4th quarter worth approximately $84,000. 85.82% of the stock is owned by institutional investors.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.