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

Shares of Sonos, Inc. (NASDAQ:SONO) have received an average recommendation of “Moderate Buy” from the five ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $20.00.

Several brokerages have recently weighed in on SONO. Wall Street Zen raised Sonos from a “hold” rating to a “buy” rating in a research report on Saturday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research report on Monday, February 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a research note on Thursday, January 22nd. Jefferies Financial Group upped their price objective on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Finally, Morgan Stanley set a $18.00 target price on Sonos in a research report on Wednesday, February 4th.

Sonos Stock Up 2.2%

Shares of SONO opened at $17.45 on Wednesday. Sonos has a fifty-two week low of $7.63 and a fifty-two week high of $19.82. The company’s fifty day moving average is $17.01 and its two-hundred day moving average is $15.90. The firm has a market cap of $2.11 billion, a PE ratio of -102.65 and a beta of 2.05.

Sonos (NASDAQ:SONO) last issued its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.08. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The business had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same period last year, the company posted $0.64 EPS. The business’s quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts anticipate that Sonos will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Sonos

In other news, insider Edward P. Lazarus sold 12,000 shares of the stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $19.00, for a total transaction of $228,000.00. Following the completion of the transaction, the insider directly owned 423,219 shares in the company, valued at approximately $8,041,161. This represents a 2.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Coliseum Capital Management, L purchased 494,719 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was bought at an average price of $15.50 per share, with a total value of $7,668,144.50. Following the purchase, the insider owned 15,424,999 shares of the company’s stock, valued at approximately $239,087,484.50. The trade was a 3.31% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 795,398 shares of company stock valued at $12,564,091 in the last three months. Corporate insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On Sonos

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hantz Financial Services Inc. lifted its stake in Sonos by 307.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock valued at $31,000 after buying an additional 1,330 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in Sonos by 65.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock valued at $35,000 after purchasing an additional 1,269 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Sonos by 699.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after purchasing an additional 1,798 shares during the period. Daiwa Securities Group Inc. acquired a new position in Sonos during the 4th quarter valued at about $50,000. Finally, Quarry LP grew its position in Sonos by 485.8% in the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after purchasing an additional 2,696 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

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.