OP Asset Management Ltd Buys Shares of 777,134 Sonos, Inc. $SONO

OP Asset Management Ltd bought a new stake in Sonos, Inc. (NASDAQ:SONO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 777,134 shares of the company’s stock, valued at approximately $10,414,000.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Sonos by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company’s stock valued at $244,704,000 after purchasing an additional 204,934 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Sonos by 2.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,281,869 shares of the company’s stock worth $57,630,000 after purchasing an additional 85,468 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Sonos by 20.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,216,366 shares of the company’s stock worth $56,479,000 after buying an additional 552,886 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Sonos by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,908,435 shares of the company’s stock worth $51,082,000 after buying an additional 20,602 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Sonos by 4.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,888,760 shares of the company’s stock valued at $33,167,000 after buying an additional 82,156 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Down 2.2%

NASDAQ SONO opened at $13.76 on Friday. Sonos, Inc. has a 52 week low of $10.11 and a 52 week high of $19.82. The business’s fifty day simple moving average is $14.93 and its 200-day simple moving average is $15.35. The firm has a market cap of $1.64 billion, a PE ratio of 80.95 and a beta of 1.93.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SONO shares. Zacks Research downgraded shares of Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 target price on shares of Sonos in a research note on Monday, June 15th. Finally, Weiss Ratings upgraded Sonos from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday, May 7th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.00.

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.