Sonos, Inc. (NASDAQ:SONO) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Sonos, Inc. (NASDAQ:SONO) have been given a consensus rating of “Hold” by the five brokerages that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $20.00.

A number of brokerages have recently issued reports on SONO. Weiss Ratings raised shares of Sonos from a “sell (d)” rating to a “hold (c-)” rating in a research note on Thursday, July 30th. Rosenblatt Securities restated a “buy” rating and set a $21.00 price target on shares of Sonos in a report on Thursday, July 30th. Finally, Wall Street Zen upgraded Sonos from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st.

Sonos Stock Performance

SONO stock opened at $15.92 on Thursday. The company has a market capitalization of $1.88 billion, a PE ratio of 35.38 and a beta of 1.95. Sonos has a one year low of $10.11 and a one year high of $19.82. The company’s 50 day moving average price is $14.85 and its two-hundred day moving average price is $14.72.

Insider Buying and Selling

In related news, Director Julius Genachowski sold 19,855 shares of the firm’s stock in a transaction 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 owned 53,775 shares of the company’s stock, valued at $914,175. This trade represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership raised its stake in Sonos by 626.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock worth $42,083,000 after buying an additional 2,296,996 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Sonos by 258.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock worth $22,867,000 after acquiring an additional 1,230,900 shares during the period. Cubist Systematic Strategies LLC grew its holdings in shares of Sonos by 250.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after acquiring an additional 996,425 shares during the period. OP Asset Management Ltd bought a new position in shares of Sonos in the 1st quarter worth approximately $10,414,000. Finally, AQR Capital Management LLC raised its position in shares of Sonos by 1,472.4% in the 2nd quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock worth $8,698,000 after acquiring an additional 753,414 shares in the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Company 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.