Sonos (NASDAQ:SONO) Earns “Buy” Rating from Rosenblatt Securities

Sonos (NASDAQ:SONO)‘s stock had its “buy” rating reaffirmed by research analysts at Rosenblatt Securities in a research note issued to investors on Monday,Benzinga reports. They currently have a $21.00 target price on the stock. Rosenblatt Securities’ price objective points to a potential upside of 36.72% from the company’s previous close.

Several other equities analysts have also recently weighed in on SONO. Weiss Ratings upgraded shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Zacks Research cut shares of Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Finally, Wall Street Zen cut shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.00.

Sonos Price Performance

Shares of NASDAQ SONO opened at $15.36 on Monday. The firm’s 50-day moving average price is $14.74 and its 200-day moving average price is $15.62. The company has a market cap of $1.83 billion, a PE ratio of 90.36 and a beta of 1.93. Sonos has a 52-week low of $9.65 and a 52-week high of $19.82.

Insider Buying and Selling

In other news, major shareholder Coliseum Capital Management, L bought 125,000 shares of the firm’s stock in a transaction on Tuesday, March 17th. The shares were bought at an average price of $13.57 per share, for a total transaction of $1,696,250.00. Following the purchase, the insider owned 18,070,762 shares in the company, valued at approximately $245,220,240.34. The trade was a 0.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On Sonos

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its stake in Sonos by 307.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after acquiring an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings 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 buying an additional 1,798 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in Sonos during the 4th quarter valued at approximately $50,000. Quarry LP grew its holdings in 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 in the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new stake in Sonos during the 4th quarter valued at approximately $64,000. Institutional investors own 85.82% of the company’s stock.

Sonos Company 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.