Sonos (NASDAQ:SONO) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Sonos (NASDAQ:SONO) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price target on shares of Sonos in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.00.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $15.41 on Friday. Sonos has a 52 week low of $12.44 and a 52 week high of $19.82. The stock has a market capitalization of $1.82 billion, a P/E ratio of 34.25 and a beta of 1.95. The stock’s fifty day moving average is $14.92 and its 200 day moving average is $14.79.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.23. The business had revenue of $375.26 million during the quarter, compared to the consensus estimate of $365.65 million. Sonos had a return on equity of 19.10% and a net margin of 3.82%.Sonos’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. Equities research analysts forecast that Sonos will post 0.69 earnings per share for the current year.

Insider Activity at Sonos

In other news, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the sale, the director directly owned 53,775 shares of the company’s stock, valued at approximately $914,175. This trade represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SONO. BlackRock Inc. acquired a new position in Sonos in the 2nd quarter valued at approximately $248,067,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Sonos by 626.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock worth $42,083,000 after purchasing an additional 2,296,996 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Sonos by 1,036.2% during the second quarter. California State Teachers Retirement System now owns 1,555,950 shares of the company’s stock worth $21,052,000 after purchasing an additional 1,419,010 shares during the period. Renaissance Technologies LLC grew its stake in shares of Sonos by 258.8% in the first quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock worth $22,867,000 after purchasing an additional 1,230,900 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Sonos by 250.8% in the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after purchasing an additional 996,425 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Company Profile

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.