Brokerages Set Sonos, Inc. (NASDAQ:SONO) Target Price at $20.00

Shares of Sonos, Inc. (NASDAQ:SONO) have been assigned a consensus rating of “Hold” from the five research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $20.00.

A number of research firms have weighed in on SONO. Zacks Research lowered shares of Sonos from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and set a $21.00 target price on shares of Sonos in a research report on Tuesday, May 5th. Wall Street Zen lowered shares of Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Morgan Stanley set a $18.00 target price on shares of Sonos in a research report on Wednesday, February 4th.

Insiders Place Their Bets

In other news, major shareholder Coliseum Capital Management, L bought 420,000 shares of the business’s stock in a transaction on Monday, March 9th. The stock was purchased at an average price of $13.95 per share, with a total value of $5,859,000.00. Following the transaction, the insider directly owned 17,341,842 shares in the company, valued at approximately $241,918,695.90. The trade was a 2.48% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have acquired 1,148,970 shares of company stock worth $16,028,815. 1.25% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. grew its position in Sonos by 307.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after buying an additional 1,330 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Sonos by 699.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after buying an additional 1,798 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in Sonos during the fourth quarter worth about $50,000. Quarry LP grew its position in Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after buying an additional 2,696 shares in the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new stake in Sonos during the fourth quarter worth about $64,000. Institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

Sonos stock opened at $15.85 on Friday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 93.24 and a beta of 1.94. Sonos has a fifty-two week low of $9.65 and a fifty-two week high of $19.82. The firm has a fifty day moving average price of $14.24 and a two-hundred day moving average price of $15.70.

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.