OP Asset Management Ltd Purchases Shares of 777,134 Sonos, Inc. $SONO

OP Asset Management Ltd acquired a new position in Sonos, Inc. (NASDAQ:SONO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 777,134 shares of the company’s stock, valued at approximately $10,414,000. OP Asset Management Ltd owned approximately 0.64% of Sonos at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership increased its holdings in shares of Sonos by 626.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock valued at $42,083,000 after purchasing an additional 2,296,996 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in Sonos by 250.8% during the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after buying an additional 996,425 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Sonos by 5.9% during the third quarter. Vanguard Group Inc. now owns 13,730,353 shares of the company’s stock worth $216,940,000 after buying an additional 768,776 shares in the last quarter. AQR Capital Management LLC grew its position in Sonos by 1,472.4% during the second quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock valued at $8,698,000 after buying an additional 753,414 shares during the period. Finally, Norges Bank acquired a new stake in Sonos during the fourth quarter valued at $12,357,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

SONO has been the subject of a number of analyst reports. Zacks Research downgraded shares of Sonos from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Wall Street Zen cut Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Weiss Ratings upgraded Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price target on shares of Sonos in a report on Monday, June 15th. Two equities 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 stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.00.

Sonos Stock Performance

NASDAQ:SONO opened at $13.76 on Friday. The company has a fifty day moving average of $14.93 and a two-hundred day moving average of $15.35. The stock has a market capitalization of $1.64 billion, a PE ratio of 80.95 and a beta of 1.93. Sonos, Inc. has a fifty-two week low of $10.11 and a fifty-two week high of $19.82.

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.