Sonos (NASDAQ:SONO) Given New $21.00 Price Target at Rosenblatt Securities

Sonos (NASDAQ:SONO) had its price target lifted by equities research analysts at Rosenblatt Securities from $17.00 to $21.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 26.20% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a report on Wednesday, October 8th. Morgan Stanley set a $17.00 target price on shares of Sonos and gave the company an “equal weight” rating in a report on Thursday. Finally, Wall Street Zen raised shares of Sonos from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Sonos Stock Up 1.4%

Shares of NASDAQ:SONO opened at $16.64 on Thursday. Sonos has a 52-week low of $7.63 and a 52-week high of $18.06. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -25.60 and a beta of 2.27. The business has a 50-day moving average price of $15.98 and a 200-day moving average price of $12.56.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $344.76 million during the quarter, compared to analysts’ expectations of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The company’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 earnings per share. As a group, equities analysts anticipate that Sonos will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sonos news, CFO Saori Casey acquired 22,727 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $10.94 per share, for a total transaction of $248,633.38. Following the completion of the transaction, the chief financial officer directly owned 107,000 shares of the company’s stock, valued at $1,170,580. This represents a 26.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Coliseum Capital Management, L acquired 55,000 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $11.21 per share, with a total value of $616,550.00. Following the completion of the transaction, the insider directly owned 14,930,280 shares of the company’s stock, valued at approximately $167,368,438.80. This represents a 0.37% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 192,877 shares of company stock valued at $2,139,921 over the last ninety days. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Sonos

Several large investors have recently made changes to their positions in the company. Allianz Asset Management GmbH increased its position in shares of Sonos by 125.9% during the third quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock worth $7,256,000 after purchasing an additional 255,982 shares in the last quarter. Meridian Wealth Management LLC increased its position in shares of Sonos by 11.3% during the third quarter. Meridian Wealth Management LLC now owns 32,304 shares of the company’s stock worth $510,000 after purchasing an additional 3,274 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Sonos by 35.8% during the third quarter. Thrivent Financial for Lutherans now owns 119,956 shares of the company’s stock worth $1,895,000 after purchasing an additional 31,654 shares in the last quarter. AlphaQuest LLC increased its position in shares of Sonos by 29.2% during the third quarter. AlphaQuest LLC now owns 22,080 shares of the company’s stock worth $349,000 after purchasing an additional 4,989 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Sonos by 2.3% during the third quarter. Arizona State Retirement System now owns 31,970 shares of the company’s stock worth $505,000 after purchasing an additional 706 shares in the last quarter. 85.82% of the stock is currently owned by hedge funds and other 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.