Sonic (NASDAQ:SONC) had its price objective boosted by analysts at Morgan Stanley from $31.00 to $34.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage presently has an “equal weight” rating on the restaurant operator’s stock. Morgan Stanley’s price target would suggest a potential downside of 8.68% from the company’s previous close.

SONC has been the topic of several other reports. Citigroup boosted their price objective on shares of Sonic from $32.00 to $41.00 and gave the stock a “buy” rating in a research note on Thursday, July 12th. Zacks Investment Research downgraded shares of Sonic from a “buy” rating to a “hold” rating in a report on Friday, August 3rd. Wedbush assumed coverage on shares of Sonic in a report on Thursday, September 6th. They set an “outperform” rating and a $42.00 target price for the company. ValuEngine raised shares of Sonic from a “hold” rating to a “buy” rating in a report on Saturday, June 16th. Finally, Canaccord Genuity reaffirmed a “hold” rating and set a $27.00 target price on shares of Sonic in a report on Thursday, June 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $34.25.

Sonic stock opened at $37.23 on Thursday. The stock has a market cap of $1.36 billion, a PE ratio of 29.78, a PEG ratio of 1.57 and a beta of 1.53. Sonic has a fifty-two week low of $23.22 and a fifty-two week high of $39.75. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of -2.62.

Sonic (NASDAQ:SONC) last released its quarterly earnings data on Tuesday, June 26th. The restaurant operator reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.03. The company had revenue of $118.30 million for the quarter, compared to analyst estimates of $119.31 million. Sonic had a net margin of 16.87% and a negative return on equity of 23.60%. Sonic’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.43 EPS. research analysts expect that Sonic will post 1.48 EPS for the current fiscal year.

Sonic announced that its board has initiated a share buyback plan on Thursday, June 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the restaurant operator to buy up to 42.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

In other Sonic news, VP E Edward Saroch sold 21,896 shares of the business’s stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $36.46, for a total value of $798,328.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christina D. Vaughan sold 2,124 shares of the business’s stock in a transaction dated Tuesday, July 17th. The shares were sold at an average price of $36.00, for a total transaction of $76,464.00. Following the completion of the sale, the insider now directly owns 2,124 shares of the company’s stock, valued at approximately $76,464. The disclosure for this sale can be found here. Insiders own 6.24% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. boosted its holdings in Sonic by 109.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,500 shares of the restaurant operator’s stock valued at $155,000 after purchasing an additional 54,500 shares during the period. Engineers Gate Manager LP bought a new stake in Sonic in the 2nd quarter valued at about $210,000. Oppenheimer & Co. Inc. bought a new stake in Sonic in the 2nd quarter valued at about $215,000. SG Americas Securities LLC boosted its holdings in Sonic by 70.9% in the 1st quarter. SG Americas Securities LLC now owns 6,285 shares of the restaurant operator’s stock valued at $159,000 after purchasing an additional 2,608 shares during the period. Finally, Parametrica Management Ltd bought a new stake in Sonic in the 2nd quarter valued at about $221,000.

About Sonic

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

Read More: Fiduciary

Stock Target Advisor

Analyst Recommendations for Sonic (NASDAQ:SONC)

Receive News & Ratings for Sonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic and related companies with MarketBeat.com's FREE daily email newsletter.