PDT Partners LLC Invests $6.39 Million in Sonos, Inc. $SONO

PDT Partners LLC purchased a new stake in Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, Holdings Channel reports. The firm purchased 471,977 shares of the company’s stock, valued at approximately $6,386,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC raised its stake in Sonos by 22.4% during the 1st quarter. AQR Capital Management LLC now owns 51,169 shares of the company’s stock worth $546,000 after buying an additional 9,355 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sonos by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company’s stock valued at $768,000 after acquiring an additional 3,483 shares during the period. Intech Investment Management LLC grew its stake in Sonos by 38.5% in the first quarter. Intech Investment Management LLC now owns 151,152 shares of the company’s stock valued at $1,613,000 after acquiring an additional 42,006 shares during the period. Strs Ohio acquired a new position in Sonos in the first quarter valued at about $147,000. Finally, Norges Bank bought a new stake in shares of Sonos in the second quarter worth about $289,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SONO. Weiss Ratings raised Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Wall Street Zen lowered Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $21.00 target price on shares of Sonos in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.00.

Sonos Trading Down 0.8%

SONO opened at $15.29 on Wednesday. The stock has a market capitalization of $1.81 billion, a P/E ratio of 33.98 and a beta of 1.95. Sonos, Inc. has a 12 month low of $12.44 and a 12 month high of $19.82. The firm’s fifty day simple moving average is $14.92 and its 200 day simple moving average is $14.79.

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

Insider Activity at Sonos

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

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.