50,000 Shares in Sonos, Inc. $SONO Purchased by Formula Growth Ltd.

Formula Growth Ltd. acquired a new position in Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 50,000 shares of the company’s stock, valued at approximately $676,000.

A number of other institutional investors have also recently bought and sold shares of the business. Centaurus Financial Inc. increased its holdings in shares of Sonos by 6.6% during the third quarter. Centaurus Financial Inc. now owns 11,056 shares of the company’s stock worth $175,000 after purchasing an additional 681 shares during the period. State of Wisconsin Investment Board raised its position in shares of Sonos by 1.7% in the fourth quarter. State of Wisconsin Investment Board now owns 43,982 shares of the company’s stock valued at $772,000 after buying an additional 724 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Sonos by 0.7% in the fourth quarter. Intech Investment Management LLC now owns 117,718 shares of the company’s stock valued at $2,067,000 after buying an additional 776 shares during the period. Thrivent Financial for Lutherans boosted 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 valued at $955,000 after buying an additional 833 shares during the period. Finally, ProShare Advisors LLC boosted 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 valued at $408,000 after buying an additional 1,017 shares during the period. Institutional investors own 85.82% of the company’s stock.

Analyst Ratings Changes

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

Sonos Stock Performance

Shares of SONO stock opened at $15.10 on Friday. Sonos, Inc. has a fifty-two week low of $12.44 and a fifty-two week high of $19.82. The stock’s fifty day moving average price is $14.95 and its two-hundred day moving average price is $14.77. The company has a market cap of $1.79 billion, a PE ratio of 33.56 and a beta of 1.95.

Sonos (NASDAQ:SONO) last posted its quarterly 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. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The company had revenue of $375.26 million during the quarter, compared to analysts’ expectations of $365.65 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. Sonos’s revenue was up 8.8% on a year-over-year basis. On average, equities analysts predict that Sonos, Inc. will post 0.69 EPS for the current fiscal year.

Insider Transactions at Sonos

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the completion of the transaction, the director owned 53,775 shares of the company’s stock, valued at approximately $914,175. The trade was a 26.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 corporate 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.