BlackRock Inc. Increases Stake in Sonos Inc (SONO)
BlackRock Inc. lifted its stake in shares of Sonos Inc (NASDAQ:SONO) by 1.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 990,232 shares of the company’s stock after purchasing an additional 16,322 shares during the period. BlackRock Inc.’s holdings in Sonos were worth $9,724,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in SONO. Vanguard Group Inc acquired a new position in shares of Sonos during the third quarter worth approximately $17,459,000. Vanguard Group Inc. acquired a new position in shares of Sonos during the third quarter worth approximately $17,459,000. FMR LLC acquired a new position in shares of Sonos during the third quarter worth approximately $6,434,000. JPMorgan Chase & Co. acquired a new position in shares of Sonos during the third quarter worth approximately $6,373,000. Finally, Morgan Stanley acquired a new position in shares of Sonos during the third quarter worth approximately $5,087,000. Institutional investors own 48.25% of the company’s stock.
In other Sonos news, major shareholder Ventures Growth I. (Jerse Index sold 6,871 shares of the company’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $11.00, for a total value of $75,581.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michelangelo Volpi sold 793,476 shares of the company’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $11.13, for a total transaction of $8,831,387.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,160,857 shares of company stock valued at $23,914,649. 15.40% of the stock is currently owned by insiders.
Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, February 6th. The company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.14. The business had revenue of $496.00 million for the quarter, compared to the consensus estimate of $490.66 million. Sonos’s revenue for the quarter was up 193.5% compared to the same quarter last year. On average, equities research analysts anticipate that Sonos Inc will post -0.01 earnings per share for the current fiscal year.
A number of brokerages have recently issued reports on SONO. Zacks Investment Research lowered shares of Sonos from a “buy” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus dropped their price target on shares of Sonos from $20.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, February 7th. DA Davidson initiated coverage on shares of Sonos in a research note on Monday, April 1st. They set a “buy” rating and a $20.00 price target for the company. Finally, Morgan Stanley raised shares of Sonos from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $20.00 to $15.00 in a research note on Monday, January 28th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Sonos presently has an average rating of “Buy” and a consensus target price of $19.88.
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Sonos Company Profile
Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the United States and internationally. It provides wireless speakers, home theater speakers, and components. The company offers its products through third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its sonos.com Website.
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