Sonos, Inc. (NASDAQ:SONO) Stock Rated “Hold” by Wall Street Analysts

Shares of Sonos, Inc. (NASDAQ:SONO) have earned a consensus recommendation of “Hold” from the five analysts that are currently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $20.00.

A number of analysts have recently issued reports on the stock. Weiss Ratings raised shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price objective on shares of Sonos in a report on Thursday, July 30th.

Sonos Stock Performance

Shares of SONO stock opened at $17.84 on Friday. The stock has a 50 day moving average price of $15.62 and a 200 day moving average price of $14.79. Sonos has a 52-week low of $12.44 and a 52-week high of $19.82. The firm has a market capitalization of $2.11 billion, a P/E ratio of 39.65 and a beta of 1.93.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.04 by $0.23. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The company had revenue of $375.26 million for the quarter, compared to the consensus estimate of $365.65 million. During the same quarter in the prior year, the company posted ($0.03) EPS. Sonos’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts forecast that Sonos will post 0.69 EPS for the current year.

Insider Activity at Sonos

In related news, Director Karen Boone sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 84,271 shares of the company’s stock, valued at $1,296,930.69. This represents a 10.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the director owned 53,775 shares in the company, valued at $914,175. The trade was a 26.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On Sonos

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Sonos during the second quarter valued at $248,067,000. Arrowstreet Capital Limited Partnership lifted its stake in Sonos by 2.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company’s stock worth $44,319,000 after acquiring an additional 90,997 shares during the period. Dimensional Fund Advisors LP lifted its stake in Sonos by 27.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,384,430 shares of the company’s stock worth $31,949,000 after acquiring an additional 506,566 shares during the period. Renaissance Technologies LLC grew its holdings in 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 in the last quarter. Finally, Systematic Financial Management LP grew its holdings in Sonos by 10.7% during the 1st quarter. Systematic Financial Management LP now owns 1,306,859 shares of the company’s stock worth $17,512,000 after acquiring an additional 126,760 shares in the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

About Sonos

Sonos, Inc (NASDAQ: SONO) develops and sells wireless audio products and related software for residential and commercial environments. Its product portfolio includes wireless speakers, portable speakers, soundbars, subwoofers, headphones and components designed for home theater and whole-home audio systems.

The company’s products are controlled through the Sonos app and can be connected across rooms, with support for music-streaming services, voice control and other smart-home features.