Sonos, Inc. (NASDAQ:SONO) CEO Acquires $1,024,530.00 in Stock

Sonos, Inc. (NASDAQ:SONO) CEO Thomas Conrad purchased 92,300 shares of the business’s stock in a transaction on Friday, August 8th. The shares were bought at an average price of $11.10 per share, with a total value of $1,024,530.00. Following the purchase, the chief executive officer directly owned 242,778 shares in the company, valued at approximately $2,694,835.80. The trade was a 61.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Sonos Stock Up 4.4%

Shares of NASDAQ SONO opened at $13.38 on Thursday. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89. The stock’s 50 day moving average price is $10.78 and its 200-day moving average price is $10.95. The company has a market capitalization of $1.62 billion, a PE ratio of -20.58 and a beta of 2.04.

Sonos (NASDAQ:SONO) last announced its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The business had revenue of $344.76 million during the quarter, compared to analysts’ expectations of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%. Sonos’s quarterly revenue was down 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 EPS. As a group, research analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Institutional Investors Weigh In On Sonos

A number of hedge funds have recently modified their holdings of the stock. Coliseum Capital Management LLC raised its holdings in Sonos by 9.7% during the 1st quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company’s stock valued at $125,645,000 after acquiring an additional 1,041,569 shares during the period. Trigran Investments Inc. raised its holdings in Sonos by 24.0% during the 1st quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company’s stock valued at $56,006,000 after acquiring an additional 1,017,223 shares during the period. Wellington Management Group LLP raised its holdings in Sonos by 10.6% during the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company’s stock valued at $54,957,000 after acquiring an additional 351,057 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Sonos by 3.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,283,633 shares of the company’s stock valued at $35,036,000 after acquiring an additional 96,111 shares during the period. Finally, Schroder Investment Management Group raised its holdings in Sonos by 2.0% during the 2nd quarter. Schroder Investment Management Group now owns 3,281,397 shares of the company’s stock valued at $35,472,000 after acquiring an additional 63,302 shares during the period. Institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Sonos from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Rosenblatt Securities boosted their target price on Sonos from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th.

Sonos Company Profile

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.