Sonos, Inc. $SONO Position Cut by NewEdge Wealth LLC

NewEdge Wealth LLC trimmed its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 24.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 287,261 shares of the company’s stock after selling 92,079 shares during the period. NewEdge Wealth LLC owned approximately 0.24% of Sonos worth $4,780,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Y Intercept Hong Kong Ltd lifted its stake in Sonos by 620.4% during the second quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company’s stock valued at $2,001,000 after purchasing an additional 159,448 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Sonos by 25.7% during the second quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock valued at $240,000 after buying an additional 4,530 shares in the last quarter. SG Americas Securities LLC acquired a new position in Sonos during the third quarter valued at $3,658,000. Allianz Asset Management GmbH grew its stake in Sonos by 125.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock valued at $7,256,000 after acquiring an additional 255,982 shares in the last quarter. Finally, Bryce Point Capital LLC acquired a new stake in shares of Sonos during the second quarter worth approximately $182,000. 85.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SONO shares. Jefferies Financial Group upped their price objective on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Wall Street Zen upgraded shares of Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Rosenblatt Securities restated a “buy” rating and set a $21.00 price target on shares of Sonos in a report on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Sonos presently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Sonos Price Performance

SONO opened at $15.66 on Friday. The company has a market capitalization of $1.89 billion, a P/E ratio of -92.12 and a beta of 2.05. The firm’s fifty day moving average price is $16.58 and its two-hundred day moving average price is $16.06. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82.

Sonos (NASDAQ:SONO) last issued its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.08. The business had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. Sonos had a negative net margin of 1.22% and a positive return on equity of 0.82%. The firm’s revenue was down .9% on a year-over-year basis. During the same period in the previous year, the business earned $0.64 EPS. On average, equities research analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Sonos

In other Sonos news, insider Edward P. Lazarus sold 12,000 shares of Sonos stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $19.00, for a total transaction of $228,000.00. Following the completion of the transaction, the insider directly owned 423,219 shares of the company’s stock, valued at approximately $8,041,161. This trade represents a 2.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Coliseum Capital Management, L bought 494,719 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were purchased at an average price of $15.50 per share, with a total value of $7,668,144.50. Following the transaction, the insider directly owned 15,424,999 shares in the company, valued at $239,087,484.50. This represents a 3.31% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 1,380,283 shares of company stock valued at $21,736,881 over the last quarter. Corporate insiders own 1.25% of the company’s stock.

About Sonos

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.