Sonos (NASDAQ:SONO) Shares Gap Down to $17.58

Sonos, Inc. (NASDAQ:SONO)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $17.58, but opened at $16.30. Sonos shares last traded at $16.36, with a volume of 928,138 shares trading hands.

Analysts Set New Price Targets

A number of research firms have recently commented on SONO. TheStreet raised Sonos from a “d+” rating to a “c-” rating in a research note on Wednesday, February 14th. Morgan Stanley increased their target price on Sonos from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $24.00 target price on shares of Sonos in a research note on Monday, March 25th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.00.

Sonos Stock Down 3.5 %

The firm has a 50 day moving average of $18.19 and a 200-day moving average of $16.40. The company has a market cap of $2.10 billion, a P/E ratio of -539.67 and a beta of 2.00.

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

Insider Buying and Selling at Sonos

In related news, insider Christopher Scott Mason sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $17.62, for a total value of $352,400.00. Following the completion of the transaction, the insider now owns 119,179 shares of the company’s stock, valued at $2,099,933.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders have sold 21,810 shares of company stock valued at $387,252. Company insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC raised its stake in shares of Sonos by 4.6% during the 1st quarter. ProShare Advisors LLC now owns 24,973 shares of the company’s stock worth $476,000 after acquiring an additional 1,092 shares in the last quarter. WNY Asset Management LLC increased its position in shares of Sonos by 6.3% during the third quarter. WNY Asset Management LLC now owns 19,265 shares of the company’s stock worth $249,000 after purchasing an additional 1,150 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Sonos by 0.4% during the 1st quarter. Sei Investments Co. now owns 315,913 shares of the company’s stock valued at $6,021,000 after purchasing an additional 1,354 shares during the last quarter. Orion Portfolio Solutions LLC boosted its position in shares of Sonos by 16.5% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,389 shares of the company’s stock worth $160,000 after purchasing an additional 1,755 shares in the last quarter. Finally, HighTower Advisors LLC grew its stake in Sonos by 4.4% during the 3rd quarter. HighTower Advisors LLC now owns 44,149 shares of the company’s stock worth $573,000 after buying an additional 1,857 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Company Profile

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.