Canada Pension Plan Investment Board Buys Shares of 74,500 Sonos, Inc. $SONO

Canada Pension Plan Investment Board purchased a new stake in shares of Sonos, Inc. (NASDAQ:SONO) in the second quarter, according to its most recent filing with the SEC. The firm purchased 74,500 shares of the company’s stock, valued at approximately $1,008,000.

Several other institutional investors have also modified their holdings of the company. Hantz Financial Services Inc. grew its holdings in shares of Sonos by 307.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after acquiring an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Sonos by 699.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after purchasing an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in Sonos during the fourth quarter worth $50,000. Quarry LP boosted its position in Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after purchasing an additional 2,696 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in Sonos during the second quarter worth $59,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Insider Activity

In other news, Director Julius Genachowski sold 19,855 shares of the company’s stock in a transaction on 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. This represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SONO. Wall Street Zen cut Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.00.

Sonos Price Performance

Shares of SONO opened at $15.60 on Tuesday. Sonos, Inc. has a 1-year low of $12.44 and a 1-year high of $19.82. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 34.67 and a beta of 1.95. The firm has a 50 day simple moving average of $14.99 and a 200-day simple moving average of $14.74.

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

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.