Sonos, Inc. $SONO is Trigran Investments Inc.’s 4th Largest Position

Trigran Investments Inc. lowered its position in shares of Sonos, Inc. (NASDAQ:SONO) by 31.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,002,734 shares of the company’s stock after selling 1,401,750 shares during the period. Sonos accounts for approximately 8.6% of Trigran Investments Inc.’s portfolio, making the stock its 4th largest position. Trigran Investments Inc. owned 2.48% of Sonos worth $47,443,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. AQR Capital Management LLC boosted its position in shares of Sonos by 22.4% during the 1st quarter. AQR Capital Management LLC now owns 51,169 shares of the company’s stock worth $546,000 after acquiring an additional 9,355 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Sonos by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company’s stock valued at $768,000 after purchasing an additional 3,483 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Sonos by 38.5% in the first quarter. Intech Investment Management LLC now owns 151,152 shares of the company’s stock valued at $1,613,000 after purchasing an additional 42,006 shares in the last quarter. Strs Ohio purchased a new position in Sonos in the first quarter valued at approximately $147,000. Finally, Nisa Investment Advisors LLC raised its holdings in Sonos by 65.6% during the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock worth $35,000 after purchasing an additional 1,269 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Jefferies Financial Group upped their target price on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 price objective on shares of Sonos in a report on Monday, February 2nd. Wall Street Zen upgraded Sonos from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Zacks Research raised Sonos from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Morgan Stanley set a $18.00 price target on Sonos in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Transactions at Sonos

In other news, major shareholder Coliseum Capital Management, L bought 494,719 shares of Sonos stock in a transaction dated Wednesday, February 4th. The stock was bought at an average price of $15.50 per share, for a total transaction 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last 90 days, insiders have acquired 1,991,562 shares of company stock valued at $30,876,917. Insiders own 1.25% of the company’s stock.

Sonos Stock Performance

Shares of SONO opened at $15.20 on Friday. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82. The firm has a 50-day simple moving average of $15.98 and a 200-day simple moving average of $16.29. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -89.41 and a beta of 1.97.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, beating 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 firm had revenue of $545.66 million during the quarter, compared to the consensus estimate of $536.93 million. During the same period in the prior year, the business earned $0.64 EPS. The firm’s revenue was down .9% compared to the same quarter last year. Equities research analysts forecast that Sonos, Inc. will post -0.37 EPS for the current year.

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.