Sonos (NASDAQ:SONO) Stock Price Crosses Below 50 Day Moving Average – What’s Next?

Sonos, Inc. (NASDAQ:SONO)’s stock price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $16.63 and traded as low as $15.98. Sonos shares last traded at $16.17, with a volume of 1,533,576 shares traded.

Wall Street Analysts Forecast Growth

SONO has been the topic of a number of research reports. Rosenblatt Securities restated a “buy” rating and set a $21.00 target price on shares of Sonos in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings upgraded shares of Sonos from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, October 13th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Sonos presently has a consensus rating of “Hold” and an average price target of $20.00.

Sonos Trading Down 7.4%

The business’s fifty day simple moving average is $16.63 and its 200 day simple moving average is $15.28. The stock has a market cap of $1.91 billion, a price-to-earnings ratio of 35.93 and a beta of 1.88.

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

Insider Activity

In other news, Director Karen Boone sold 46,766 shares of the firm’s stock in a transaction on Friday, September 25th. The stock was sold at an average price of $18.13, for a total value of $847,867.58. Following the transaction, the director directly owned 69,271 shares in the company, valued at $1,255,883.23. This trade represents a 40.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sonos

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Wyoming boosted its holdings in Sonos by 73.0% during the third quarter. State of Wyoming now owns 24,932 shares of the company’s stock worth $446,000 after buying an additional 10,520 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Sonos during the 3rd quarter worth about $208,000. Pinnacle Wealth Planning Services Inc. grew its position in shares of Sonos by 196.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 9,930 shares of the company’s stock worth $178,000 after buying an additional 6,575 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in shares of Sonos during the 3rd quarter worth about $327,000. Finally, Sterling Capital Management LLC increased its stake in shares of Sonos by 600.2% in the 3rd quarter. Sterling Capital Management LLC now owns 3,830 shares of the company’s stock valued at $69,000 after acquiring an additional 3,283 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Company Profile

Sonos, Inc develops and sells connected audio products and software for the home. Its offerings are designed to work together over wireless networks, allowing users to play music and other audio in individual rooms or across multiple rooms through the Sonos app and compatible streaming services.

The company’s product portfolio includes wireless home speakers, portable speakers, soundbars, subwoofers and other home-theater components. Sonos also offers headphones, including the Sonos Ace, as well as software features such as voice control, multiroom audio management and integration with third-party music and media platforms.

Founded in 2002 and headquartered in Santa Barbara, California, Sonos sells its products through its website, company-operated stores and third-party retailers.