Karen Boone Sells 10,000 Shares of Sonos (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) Director Karen Boone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $15.39, for a total value of $153,900.00. Following the completion of the transaction, the director directly owned 84,271 shares of the company’s stock, valued at approximately $1,296,930.69. The trade was a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sonos Price Performance

Shares of NASDAQ SONO opened at $15.36 on Friday. Sonos, Inc. has a 1-year low of $12.44 and a 1-year high of $19.82. The business has a fifty day moving average price of $15.13 and a 200 day moving average price of $14.74. The stock has a market capitalization of $1.82 billion, a P/E ratio of 34.13 and a beta of 1.93.

Sonos (NASDAQ:SONO) last announced its earnings results on Wednesday, July 29th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.23. Sonos had a net margin of 3.82% and a return on equity of 19.10%. The business had revenue of $375.26 million during the quarter, compared to the consensus estimate of $365.65 million. During the same period in the previous year, the company posted ($0.03) earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts anticipate that Sonos, Inc. will post 0.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price objective on shares of Sonos in a report on Thursday, July 30th. Wall Street Zen downgraded Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Finally, Weiss Ratings upgraded Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Sonos has a consensus rating of “Hold” and an average price target of $20.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SONO. Amundi lifted its holdings in shares of Sonos by 36.4% during the second quarter. Amundi now owns 47,353 shares of the company’s stock worth $641,000 after purchasing an additional 12,649 shares during the period. California State Teachers Retirement System raised its position in Sonos by 1,036.2% during the 2nd quarter. California State Teachers Retirement System now owns 1,555,950 shares of the company’s stock worth $21,052,000 after buying an additional 1,419,010 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Sonos during the 2nd quarter worth approximately $128,000. Formula Growth Ltd. purchased a new position in Sonos during the 2nd quarter worth approximately $676,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Sonos during the 2nd quarter valued at approximately $841,000. 85.82% of the stock is currently 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.