OMERS ADMINISTRATION Corp Makes New $2.42 Million Investment in Sonos, Inc. $SONO

OMERS ADMINISTRATION Corp acquired a new stake in Sonos, Inc. (NASDAQ:SONO) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 179,242 shares of the company’s stock, valued at approximately $2,425,000.

A number of other institutional investors also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Sonos by 2.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company’s stock valued at $44,319,000 after purchasing an additional 90,997 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Sonos by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company’s stock worth $244,704,000 after purchasing an additional 204,934 shares during the last quarter. BNP Paribas Financial Markets grew its position in Sonos by 46.2% in the fourth quarter. BNP Paribas Financial Markets now owns 951,810 shares of the company’s stock valued at $16,714,000 after purchasing an additional 300,735 shares in the last quarter. Crestwood Capital Management L.P. increased its stake in Sonos by 54.5% in the 4th quarter. Crestwood Capital Management L.P. now owns 950,000 shares of the company’s stock valued at $16,682,000 after buying an additional 335,000 shares during the last quarter. Finally, Two Seas Capital LP acquired a new stake in Sonos in the 2nd quarter valued at $9,615,000. 85.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SONO has been the subject of several recent research reports. Wall Street Zen cut Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 price target on shares of Sonos in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Sonos presently has a consensus rating of “Hold” and an average target price of $20.00.

Sonos Price Performance

Shares of SONO opened at $15.29 on Wednesday. The firm has a 50 day simple moving average of $14.92 and a two-hundred day simple moving average of $14.79. Sonos, Inc. has a one year low of $12.44 and a one year high of $19.82. The company has a market cap of $1.81 billion, a P/E ratio of 33.98 and a beta of 1.95.

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

Insider Buying and Selling at Sonos

In related news, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction that occurred on Wednesday, July 29th. The shares were 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 in the company, valued at $914,175. This trade represents a 26.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.25% of the company’s stock.

Sonos 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.