Sonos (NASDAQ:SONO) Rating Reiterated by Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Sonos (NASDAQ:SONO) in a report released on Monday, Benzinga reports. The firm currently has a $24.00 price target on the stock.

Several other equities analysts have also recently issued reports on SONO. Morgan Stanley boosted their price target on Sonos from $20.00 to $25.00 and gave the company an overweight rating in a research report on Wednesday, February 7th. TheStreet raised Sonos from a d+ rating to a c- rating in a report on Wednesday, February 14th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $21.00.

Sonos Stock Down 0.8 %

Shares of NASDAQ SONO opened at $19.06 on Monday. The stock has a market cap of $2.36 billion, a PE ratio of -635.12 and a beta of 1.99. Sonos has a 52-week low of $9.78 and a 52-week high of $21.98. The business has a 50-day moving average price of $18.05 and a 200 day moving average price of $15.31.

Sonos (NASDAQ:SONO) last announced its earnings results on Tuesday, February 6th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.22. The business had revenue of $612.87 million for the quarter, compared to analysts’ expectations of $588.96 million. Sonos had a negative net margin of 0.28% and a positive return on equity of 5.65%. Sell-side analysts anticipate that Sonos will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Thomas Conrad sold 5,337 shares of Sonos stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $18.31, for a total transaction of $97,720.47. Following the completion of the transaction, the director now directly owns 37,334 shares in the company, valued at approximately $683,585.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 7,147 shares of company stock worth $129,984. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Sonos

A number of hedge funds and other institutional investors have recently modified their holdings of SONO. HighPoint Advisor Group LLC purchased a new stake in Sonos in the 4th quarter valued at about $307,000. PNC Financial Services Group Inc. increased its position in Sonos by 7.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,789 shares of the company’s stock worth $888,000 after purchasing an additional 3,702 shares in the last quarter. Wellington Management Group LLP raised its holdings in Sonos by 8.1% in the fourth quarter. Wellington Management Group LLP now owns 2,963,231 shares of the company’s stock valued at $50,790,000 after buying an additional 221,875 shares during the period. Centaurus Financial Inc. purchased a new stake in Sonos during the fourth quarter worth approximately $112,000. Finally, Virtu Financial LLC acquired a new stake in shares of Sonos in the fourth quarter worth $193,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Company Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.