EFG International AG Invests $3.24 Million in Sonos, Inc. $SONO

EFG International AG purchased a new position in Sonos, Inc. (NASDAQ:SONO) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 239,688 shares of the company’s stock, valued at approximately $3,242,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Sonos during the second quarter valued at $248,067,000. Arrowstreet Capital Limited Partnership raised its position in Sonos by 626.8% during the third 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 during the period. Renaissance Technologies LLC raised its position in Sonos by 258.8% during the first quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock valued at $22,867,000 after purchasing an additional 1,230,900 shares during the period. Cubist Systematic Strategies LLC lifted its stake in shares of Sonos by 250.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock valued at $15,066,000 after purchasing an additional 996,425 shares during the last quarter. Finally, OP Asset Management Ltd purchased a new position in shares of Sonos in the 1st quarter worth approximately $10,414,000. 85.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wall Street Zen lowered Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Weiss Ratings upgraded shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price target on shares of Sonos in a report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Sonos has an average rating of “Hold” and an average price target of $20.00.

Sonos Stock Up 0.3%

SONO opened at $15.33 on Thursday. The business has a fifty day moving average of $14.95 and a 200 day moving average of $14.78. Sonos, Inc. has a 52-week low of $12.44 and a 52-week high of $19.82. The stock has a market cap of $1.81 billion, a P/E ratio of 34.07 and a beta of 1.95.

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

Insider Activity at Sonos

In other news, Director Julius Genachowski sold 19,855 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the transaction, the director directly owned 53,775 shares in the company, valued at approximately $914,175. This represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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.

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.