SCS Capital Management LLC Makes New Investment in Sonos, Inc. $SONO

SCS Capital Management LLC acquired a new stake in Sonos, Inc. (NASDAQ:SONO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 115,183 shares of the company’s stock, valued at approximately $1,558,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SONO. Vanguard Group Inc. increased its position in shares of 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 acquiring an additional 204,934 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Sonos by 2.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company’s stock worth $44,319,000 after purchasing an additional 90,997 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Sonos by 2.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,281,869 shares of the company’s stock valued at $57,630,000 after acquiring an additional 85,468 shares in the last quarter. Geode Capital Management LLC increased its position in Sonos by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,908,435 shares of the company’s stock valued at $51,082,000 after purchasing an additional 20,602 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Sonos by 27.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,384,430 shares of the company’s stock valued at $31,949,000 after purchasing an additional 506,566 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Insider Activity 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 value of $337,535.00. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by insiders.

Sonos Stock Performance

Sonos stock opened at $16.31 on Monday. The stock has a market cap of $1.93 billion, a PE ratio of 36.25 and a beta of 1.95. The stock has a 50-day moving average of $14.83 and a two-hundred day moving average of $14.74. Sonos, Inc. has a one year low of $12.44 and a one year high of $19.82.

Analyst Upgrades and Downgrades

SONO has been the topic of several research reports. Wall Street Zen raised shares of Sonos from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Weiss Ratings upgraded Sonos from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 price objective 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 given a Hold rating to the company. According to MarketBeat, Sonos presently has a consensus rating of “Hold” and an average target price of $20.00.

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.