Sonos (NASDAQ:SONO) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Sonos (NASDAQ:SONO) from a strong-buy rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

A number of other brokerages have also recently commented on SONO. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Wall Street Zen raised Sonos from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 price target on shares of Sonos in a research report on Monday, February 2nd. Morgan Stanley set a $18.00 price target on Sonos in a research report on Wednesday, February 4th. Finally, Jefferies Financial Group upped their price target on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $20.00.

Sonos Price Performance

Shares of NASDAQ:SONO opened at $13.40 on Monday. The company has a market capitalization of $1.62 billion, a PE ratio of -78.82 and a beta of 1.99. The business has a fifty day moving average price of $14.59 and a two-hundred day moving average price of $16.19. Sonos has a 1 year low of $7.63 and a 1 year high of $19.82.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. The firm had revenue of $545.66 million during the quarter, compared to the consensus estimate of $536.93 million. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The business’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. Sell-side analysts anticipate that Sonos will post -0.37 earnings per share for the current year.

Insider Transactions at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 125,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were acquired at an average price of $13.57 per share, with a total value of $1,696,250.00. Following the acquisition, the insider owned 18,070,762 shares of the company’s stock, valued at approximately $245,220,240.34. This trade represents a 0.70% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders bought 3,140,482 shares of company stock worth $46,905,007. Corporate insiders own 1.25% of the company’s stock.

Institutional Trading of Sonos

A number of institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in Sonos by 10.2% during the 4th quarter. GAMMA Investing LLC now owns 6,832 shares of the company’s stock worth $120,000 after purchasing an additional 631 shares in the last quarter. Centaurus Financial Inc. lifted its holdings in Sonos by 6.6% during the 3rd quarter. Centaurus Financial Inc. now owns 11,056 shares of the company’s stock worth $175,000 after purchasing an additional 681 shares in the last quarter. Arizona State Retirement System lifted its holdings in Sonos by 2.3% during the 3rd quarter. Arizona State Retirement System now owns 31,970 shares of the company’s stock worth $505,000 after purchasing an additional 706 shares in the last quarter. State of Wisconsin Investment Board lifted its holdings in Sonos by 1.7% during the 4th quarter. State of Wisconsin Investment Board now owns 43,982 shares of the company’s stock worth $772,000 after purchasing an additional 724 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in Sonos by 0.7% during the 4th quarter. Intech Investment Management LLC now owns 117,718 shares of the company’s stock worth $2,067,000 after purchasing an additional 776 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

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.