Sonos (NASDAQ:SONO) Shares Gap Down to $17.58

Sonos, Inc. (NASDAQ:SONO) gapped down before the market opened on Wednesday . The stock had previously closed at $17.58, but opened at $16.30. Sonos shares last traded at $16.36, with a volume of 928,138 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SONO shares. TheStreet raised Sonos from a “d+” rating to a “c-” rating in a report on Wednesday, February 14th. Rosenblatt Securities reiterated a “buy” rating and set a $24.00 price objective on shares of Sonos in a research note on Monday, March 25th. Finally, Morgan Stanley raised their target price on shares of Sonos from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $21.00.

Sonos Trading Up 2.4 %

The firm has a 50 day moving average of $18.11 and a 200-day moving average of $16.41. The company has a market cap of $2.14 billion, a P/E ratio of -575.00 and a beta of 2.00.

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

Insider Activity at Sonos

In other Sonos news, insider Christopher Scott Mason sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $17.62, for a total value of $352,400.00. Following the sale, the insider now owns 119,179 shares in the company, valued at approximately $2,099,933.98. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 22,715 shares of company stock valued at $402,845. Corporate insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SONO. Hawk Ridge Capital Management LP increased its position in Sonos by 382.6% in the third quarter. Hawk Ridge Capital Management LP now owns 4,097,212 shares of the company’s stock worth $52,895,000 after purchasing an additional 3,248,148 shares during the last quarter. Norges Bank purchased a new stake in shares of Sonos during the 4th quarter valued at about $13,594,000. Wellington Management Group LLP lifted its holdings in shares of Sonos by 26.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,741,356 shares of the company’s stock valued at $35,391,000 after acquiring an additional 576,939 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Sonos in the fourth quarter worth about $9,677,000. Finally, Trigran Investments Inc. increased its stake in Sonos by 7.0% during the third quarter. Trigran Investments Inc. now owns 6,698,433 shares of the company’s stock worth $86,477,000 after acquiring an additional 436,696 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors.

About Sonos

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.