Rosenblatt Securities Reiterates “Buy” Rating for Sonos (NASDAQ:SONO)

Sonos (NASDAQ:SONO)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research note issued on Friday,Benzinga reports. They presently have a $18.00 price target on the stock. Rosenblatt Securities’ price target points to a potential upside of 20.00% from the company’s current price.

Sonos Price Performance

Shares of Sonos stock opened at $15.00 on Friday. The business has a fifty day simple moving average of $14.41 and a two-hundred day simple moving average of $13.18. Sonos has a 1 year low of $10.23 and a 1 year high of $19.76. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -45.45 and a beta of 1.97.

Sonos (NASDAQ:SONO) last posted its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. As a group, equities analysts anticipate that Sonos will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sonos

Several institutional investors have recently made changes to their positions in the stock. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in Sonos by 67.9% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock valued at $20,352,000 after purchasing an additional 669,658 shares in the last quarter. Stadium Capital Management LLC acquired a new position in shares of Sonos in the 3rd quarter valued at approximately $8,105,000. Wellington Management Group LLP lifted its holdings in shares of Sonos by 23.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after acquiring an additional 626,172 shares during the period. LMR Partners LLP acquired a new stake in shares of Sonos during the 3rd quarter worth approximately $7,412,000. Finally, Barclays PLC boosted its position in shares of Sonos by 120.3% during the 3rd quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after acquiring an additional 504,293 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.