Man Group plc Invests $4.48 Million in Sonos, Inc. $SONO

Man Group plc bought a new position in Sonos, Inc. (NASDAQ:SONO) during the second quarter, according to its most recent filing with the SEC. The firm bought 330,834 shares of the company’s stock, valued at approximately $4,476,000. Man Group plc owned approximately 0.28% of Sonos as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SONO. Hantz Financial Services Inc. raised its holdings in Sonos by 307.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after buying an additional 1,330 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of 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 acquiring an additional 1,798 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Sonos in the 4th quarter worth about $50,000. Quarry LP raised its holdings in shares of Sonos by 485.8% in the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after acquiring an additional 2,696 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Sonos in the 2nd quarter worth about $59,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Ratings Changes

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

Insider Activity at Sonos

In related news, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the sale, the director directly owned 53,775 shares in the company, valued at approximately $914,175. This trade represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company’s stock.

Sonos Price Performance

SONO opened at $15.30 on Monday. Sonos, Inc. has a fifty-two week low of $12.44 and a fifty-two week high of $19.82. The firm has a market capitalization of $1.81 billion, a P/E ratio of 34.00 and a beta of 1.95. The company’s 50-day moving average is $14.97 and its 200 day moving average is $14.76.

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

Sonos Company Profile

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.