Sonos, Inc. (NASDAQ:SONO) Receives Average Rating of “Moderate Buy” from Brokerages

Sonos, Inc. (NASDAQ:SONO) has earned an average recommendation of “Moderate Buy” from the five ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $21.00.

Several research firms have commented on SONO. Rosenblatt Securities reaffirmed a “buy” rating and issued a $24.00 price target on shares of Sonos in a report on Monday, March 25th. Morgan Stanley upped their price objective on Sonos from $20.00 to $25.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Finally, TheStreet upgraded Sonos from a “d+” rating to a “c-” rating in a research note on Wednesday, February 14th.

Insider Buying and Selling

In related news, Director Thomas Conrad sold 5,337 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $18.31, for a total transaction of $97,720.47. Following the sale, the director now directly owns 37,334 shares in the company, valued at approximately $683,585.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 7,147 shares of company stock worth $132,572 in the last three months. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Sonos

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Sonos by 77.4% during the 1st quarter. BlackRock Inc. now owns 22,364,298 shares of the company’s stock worth $631,123,000 after buying an additional 9,759,359 shares in the last quarter. Hawk Ridge Capital Management LP lifted its holdings in Sonos by 382.6% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 4,097,212 shares of the company’s stock worth $52,895,000 after buying an additional 3,248,148 shares in the last quarter. Millennium Management LLC lifted its holdings in Sonos by 938.3% during the 4th quarter. Millennium Management LLC now owns 2,728,942 shares of the company’s stock worth $46,119,000 after buying an additional 2,466,107 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Sonos by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 13,604,113 shares of the company’s stock worth $383,908,000 after buying an additional 1,933,485 shares in the last quarter. Finally, State Street Corp lifted its holdings in Sonos by 76.7% during the 1st quarter. State Street Corp now owns 4,176,588 shares of the company’s stock worth $117,863,000 after buying an additional 1,812,340 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Stock Up 0.2 %

Sonos stock opened at $18.13 on Friday. The business has a 50 day moving average price of $18.47 and a two-hundred day moving average price of $15.68. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -604.33 and a beta of 1.99. Sonos has a 12 month low of $9.78 and a 12 month high of $21.98.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.47 by $0.22. The firm had revenue of $612.87 million during the quarter, compared to analysts’ expectations of $588.96 million. Sonos had a positive return on equity of 5.65% and a negative net margin of 0.28%. On average, analysts expect that Sonos will post 0.31 earnings per share for the current fiscal year.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.