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

Sonos, Inc. (NASDAQ:SONO) has earned an average rating of “Hold” from the five research firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $20.00.

A number of brokerages recently commented on SONO. Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 target price on shares of Sonos in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Sonos from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, October 13th.

Sonos Trading Up 0.3%

Shares of NASDAQ SONO opened at $17.59 on Tuesday. Sonos has a one year low of $12.44 and a one year high of $19.82. The business has a 50-day moving average price of $16.49 and a two-hundred day moving average price of $15.27. The firm has a market capitalization of $2.08 billion, a PE ratio of 28.75 and a beta of 1.88.

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

Insiders Place Their Bets

In related news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the completion of the sale, the director directly owned 53,775 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 46,766 shares of Sonos stock in a transaction on Friday, September 25th. The shares were sold at an average price of $18.13, for a total value of $847,867.58. Following the sale, the director directly owned 69,271 shares of the company’s stock, valued at approximately $1,255,883.23. The trade was a 40.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 76,621 shares of company stock worth $1,339,303 over the last ninety days. 1.25% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SONO. Fortitude Family Office LLC grew its stake in shares of Sonos by 325.3% in the 3rd quarter. Fortitude Family Office LLC now owns 1,544 shares of the company’s stock valued at $28,000 after buying an additional 1,181 shares in the last quarter. Sterling Capital Management LLC increased its holdings in Sonos by 600.2% in the third quarter. Sterling Capital Management LLC now owns 3,830 shares of the company’s stock worth $69,000 after buying an additional 3,283 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Sonos during the second quarter valued at approximately $59,000. Integrated Wealth Concepts LLC bought a new position in Sonos during the second quarter valued at approximately $75,000. Finally, Leonteq Securities AG raised its position in Sonos by 45.2% during the first quarter. Leonteq Securities AG now owns 7,690 shares of the company’s stock valued at $103,000 after acquiring an additional 2,395 shares in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

About Sonos

Sonos, Inc develops and sells connected audio products and software for the home. Its offerings are designed to work together over wireless networks, allowing users to play music and other audio in individual rooms or across multiple rooms through the Sonos app and compatible streaming services.

The company’s product portfolio includes wireless home speakers, portable speakers, soundbars, subwoofers and other home-theater components. Sonos also offers headphones, including the Sonos Ace, as well as software features such as voice control, multiroom audio management and integration with third-party music and media platforms.

Founded in 2002 and headquartered in Santa Barbara, California, Sonos sells its products through its website, company-operated stores and third-party retailers.