SCS Capital Management LLC Invests $1.56 Million in Sonos, Inc. $SONO

SCS Capital Management LLC purchased a new stake in shares of Sonos, Inc. (NASDAQ:SONO) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 115,183 shares of the company’s stock, valued at approximately $1,558,000. SCS Capital Management LLC owned about 0.10% of Sonos as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Centaurus Financial Inc. lifted its position in Sonos by 6.6% in the 3rd quarter. Centaurus Financial Inc. now owns 11,056 shares of the company’s stock valued at $175,000 after acquiring an additional 681 shares in the last quarter. State of Wisconsin Investment Board increased its holdings in shares of Sonos by 1.7% in the 4th quarter. State of Wisconsin Investment Board now owns 43,982 shares of the company’s stock worth $772,000 after purchasing an additional 724 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Sonos by 0.7% in the 4th quarter. Intech Investment Management LLC now owns 117,718 shares of the company’s stock worth $2,067,000 after purchasing an additional 776 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Sonos by 1.0% in the second quarter. Thrivent Financial for Lutherans now owns 88,302 shares of the company’s stock worth $955,000 after purchasing an additional 833 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Sonos by 4.6% in the fourth quarter. ProShare Advisors LLC now owns 23,241 shares of the company’s stock worth $408,000 after purchasing an additional 1,017 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SONO. Wall Street Zen raised Sonos from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 target price on shares of Sonos in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $20.00.

Sonos Stock Performance

NASDAQ SONO opened at $16.31 on Monday. Sonos, Inc. has a one year low of $12.44 and a one year high of $19.82. The stock has a 50 day moving average price of $14.83 and a 200-day moving average price of $14.74. The company has a market capitalization of $1.93 billion, a P/E ratio of 36.25 and a beta of 1.95.

Insider Buying and Selling at Sonos

In other news, Director Julius Genachowski sold 19,855 shares of the business’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 sale, the director directly owned 53,775 shares in the company, valued at $914,175. The trade was a 26.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is currently owned by company insiders.

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.