Public Employees Retirement System of Ohio Makes New $841,000 Investment in Sonos, Inc. $SONO

Public Employees Retirement System of Ohio bought a new stake in Sonos, Inc. (NASDAQ:SONO) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 62,149 shares of the company’s stock, valued at approximately $841,000. Public Employees Retirement System of Ohio owned 0.05% of Sonos as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Sonos in the second quarter valued at about $248,067,000. Arrowstreet Capital Limited Partnership grew its position in Sonos by 626.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock worth $42,083,000 after buying an additional 2,296,996 shares during the period. Renaissance Technologies LLC increased its holdings in Sonos by 258.8% in the first quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock valued at $22,867,000 after buying an additional 1,230,900 shares in the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Sonos by 250.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock valued at $15,066,000 after acquiring an additional 996,425 shares during the period. Finally, Bank of America Corp DE purchased a new stake in shares of Sonos during the 2nd quarter worth approximately $13,102,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Trading Up 0.4%

Shares of SONO opened at $14.55 on Thursday. Sonos, Inc. has a twelve month low of $12.44 and a twelve month high of $19.82. The firm has a market capitalization of $1.72 billion, a P/E ratio of 32.33 and a beta of 1.93. The stock’s fifty day simple moving average is $15.21 and its 200 day simple moving average is $14.72.

Sonos (NASDAQ:SONO) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $365.65 million. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Sell-side analysts predict that Sonos, Inc. will post 0.69 earnings per share for the current year.

Insider Buying and Selling at Sonos

In other news, Director Karen Boone sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $15.39, for a total value of $153,900.00. Following the transaction, the director owned 84,271 shares of the company’s stock, valued at approximately $1,296,930.69. This trade represents a 10.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $337,535.00. Following the sale, the director directly owned 53,775 shares of the company’s stock, valued at approximately $914,175. This trade represents a 26.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research note on Thursday, July 30th. Wall Street Zen lowered Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Finally, Weiss Ratings upgraded shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.00.

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.