PDT Partners LLC Acquires Shares of 471,977 Sonos, Inc. $SONO

PDT Partners LLC bought a new position in Sonos, Inc. (NASDAQ:SONO) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 471,977 shares of the company’s stock, valued at approximately $6,386,000. PDT Partners LLC owned about 0.40% of Sonos at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its position in Sonos by 2.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company’s stock worth $44,319,000 after purchasing an additional 90,997 shares during the last quarter. Vanguard Group Inc. boosted its position in Sonos by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company’s stock valued at $244,704,000 after buying an additional 204,934 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Sonos by 46.2% in the 4th quarter. BNP Paribas Financial Markets now owns 951,810 shares of the company’s stock valued at $16,714,000 after buying an additional 300,735 shares during the last quarter. Crestwood Capital Management L.P. increased its stake in shares of Sonos by 54.5% in the 4th quarter. Crestwood Capital Management L.P. now owns 950,000 shares of the company’s stock valued at $16,682,000 after buying an additional 335,000 shares during the period. Finally, Two Seas Capital LP acquired a new stake in shares of Sonos in the 2nd quarter valued at $9,615,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SONO has been the topic of several research reports. Weiss Ratings raised Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Wall Street Zen lowered Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $21.00 price objective on shares of Sonos in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Sonos has a consensus rating of “Hold” and an average target price of $20.00.

Sonos Price Performance

Shares of NASDAQ SONO opened at $15.29 on Wednesday. Sonos, Inc. has a fifty-two week low of $12.44 and a fifty-two week high of $19.82. The firm has a market capitalization of $1.81 billion, a P/E ratio of 33.98 and a beta of 1.95. The company’s 50 day simple moving average is $14.92 and its 200 day simple moving average is $14.79.

Sonos (NASDAQ:SONO) last released its earnings results on Wednesday, July 29th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.23. The firm had revenue of $375.26 million during the quarter, compared to analyst estimates of $365.65 million. Sonos had a net margin of 3.82% and a return on equity of 19.10%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.03) EPS. Sell-side analysts expect that Sonos, Inc. will post 0.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total value of $337,535.00. Following the transaction, the director owned 53,775 shares of the company’s stock, valued at approximately $914,175. This represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% 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.