BlackRock Inc. Makes New $248.07 Million Investment in Sonos, Inc. $SONO

BlackRock Inc. bought a new position in Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 18,334,625 shares of the company’s stock, valued at approximately $248,067,000. BlackRock Inc. owned 0.15% of Sonos as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SONO. Hantz Financial Services Inc. lifted its position in shares of Sonos by 307.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after purchasing an additional 1,330 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Sonos by 699.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after buying an additional 1,798 shares during the period. Daiwa Securities Group Inc. purchased a new stake in Sonos in the 4th quarter worth approximately $50,000. Quarry LP boosted its stake in shares of Sonos by 485.8% during the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock valued at $51,000 after buying an additional 2,696 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Sonos during the 4th quarter valued at $64,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Price Performance

NASDAQ SONO opened at $15.33 on Thursday. Sonos, Inc. has a fifty-two week low of $12.44 and a fifty-two week high of $19.82. The stock’s 50-day moving average is $14.95 and its two-hundred day moving average is $14.78. The firm has a market cap of $1.81 billion, a P/E ratio of 34.07 and a beta of 1.95.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.23. The company had revenue of $375.26 million during 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 revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.03) EPS. On average, equities analysts expect that Sonos, Inc. will post 0.69 EPS for the current year.

Insiders Place Their Bets

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the company’s stock in a transaction that occurred 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 owned 53,775 shares of the company’s stock, valued at $914,175. This represents a 26.97% 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. Company insiders own 1.25% of the company’s stock.

Analyst Ratings Changes

SONO has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price target on shares of Sonos in a research note on Thursday, July 30th. Weiss Ratings raised Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Finally, Wall Street Zen downgraded Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Sonos currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Sonos 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.