Crestwood Capital Management L.P. Has $9.72 Million Stock Position in Sonos, Inc. $SONO

Crestwood Capital Management L.P. grew its position in shares of Sonos, Inc. (NASDAQ:SONO) by 19.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 615,000 shares of the company’s stock after buying an additional 100,000 shares during the quarter. Sonos accounts for 6.8% of Crestwood Capital Management L.P.’s holdings, making the stock its 8th biggest position. Crestwood Capital Management L.P.’s holdings in Sonos were worth $9,717,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted 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 acquiring an additional 768,776 shares during the period. Cooper Creek Partners Management LLC increased its position in shares of Sonos by 38.6% during the 2nd quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company’s stock valued at $45,876,000 after purchasing an additional 1,181,033 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Sonos by 2.0% during the 2nd quarter. Schroder Investment Management Group now owns 3,281,397 shares of the company’s stock valued at $35,472,000 after purchasing an additional 63,302 shares during the last quarter. Cubist Systematic Strategies LLC raised its stake in shares of Sonos by 250.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after purchasing an additional 996,425 shares during the period. Finally, Systematic Financial Management LP boosted its holdings in shares of Sonos by 2.2% in the 2nd quarter. Systematic Financial Management LP now owns 1,205,585 shares of the company’s stock worth $13,032,000 after buying an additional 26,342 shares during the last quarter. 85.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Zacks Research upgraded shares of Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Jefferies Financial Group increased their target price on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Morgan Stanley set a $18.00 price target on shares of Sonos in a research note on Wednesday, February 4th. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research note on Monday, February 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Sonos presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Sonos Trading Down 2.2%

SONO stock opened at $15.40 on Friday. The firm has a 50 day moving average of $16.21 and a 200-day moving average of $16.24. The firm has a market capitalization of $1.86 billion, a P/E ratio of -90.59 and a beta of 2.05. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $19.82.

Sonos (NASDAQ:SONO) last posted its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.08. Sonos had a negative net margin of 1.22% and a positive return on equity of 0.82%. The business had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same quarter in the prior year, the firm posted $0.64 EPS. Sonos’s revenue was down .9% on a year-over-year basis. Sell-side analysts predict that Sonos, Inc. will post -0.37 EPS for the current year.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 118,020 shares of the stock in a transaction on Wednesday, February 25th. The shares were purchased at an average price of $15.25 per share, with a total value of $1,799,805.00. Following the acquisition, the insider directly owned 16,921,842 shares in the company, valued at approximately $258,058,090.50. The trade was a 0.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward P. Lazarus sold 12,000 shares of Sonos stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $19.00, for a total value of $228,000.00. Following the sale, the insider owned 423,219 shares of the company’s stock, valued at approximately $8,041,161. This trade represents a 2.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders purchased 1,991,562 shares of company stock worth $30,876,917 in the last quarter. 1.25% of the stock is currently owned by company insiders.

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.