Hillsdale Investment Management Inc. Purchases 46,000 Shares of Sonos, Inc. $SONO

Hillsdale Investment Management Inc. grew its position in shares of Sonos, Inc. (NASDAQ:SONO) by 10.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 496,170 shares of the company’s stock after acquiring an additional 46,000 shares during the quarter. Hillsdale Investment Management Inc. owned 0.41% of Sonos worth $6,649,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SONO. Principal Financial Group Inc. grew its stake in shares of Sonos by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 590,674 shares of the company’s stock worth $7,915,000 after acquiring an additional 12,822 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Sonos by 2,262.8% in the first quarter. Fifth Third Bancorp now owns 35,465 shares of the company’s stock worth $475,000 after purchasing an additional 33,964 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its position in shares of Sonos by 133.7% in the first quarter. Y Intercept Hong Kong Ltd now owns 140,366 shares of the company’s stock worth $1,881,000 after purchasing an additional 80,291 shares in the last quarter. Leonteq Securities AG boosted its holdings in Sonos by 45.2% during the first quarter. Leonteq Securities AG now owns 7,690 shares of the company’s stock worth $103,000 after purchasing an additional 2,395 shares during the last quarter. Finally, Strs Ohio boosted its holdings in Sonos by 19.0% during the first quarter. Strs Ohio now owns 59,000 shares of the company’s stock worth $791,000 after purchasing an additional 9,400 shares during the last quarter. 85.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SONO. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price target on shares of Sonos in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Wall Street Zen cut Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, Zacks Research downgraded Sonos from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.00.

Sonos Trading Up 1.2%

NASDAQ SONO opened at $15.22 on Wednesday. Sonos, Inc. has a 12 month low of $10.11 and a 12 month high of $19.82. The stock has a 50 day moving average of $14.79 and a 200-day moving average of $14.94. The company has a market cap of $1.81 billion, a PE ratio of 89.53 and a beta of 1.96.

About Sonos

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.