Sonos (SONO) Rating Increased to Buy at Zacks Investment Research

Sonos (NASDAQ:SONO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, October 30th. The firm currently has a $14.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 1.89% from the company’s current price.

According to Zacks, “Sonos, Inc. designs, develops and produces audio products. It offers charging cradles, music players, alternating current adapters, controllers, wireless speakers and loudspeakers. The company offers its products through third-party retail stores and e-commerce retailers, as well as through its sonos.com website. Sonos, Inc. is headquartered in Santa Barbara, California. “

Several other research firms have also commented on SONO. Royal Bank of Canada assumed coverage on Sonos in a research report on Monday, August 27th. They issued an “outperform” rating and a $25.00 price objective on the stock. Raymond James assumed coverage on Sonos in a research report on Monday, August 27th. They issued an “outperform” rating and a $24.00 price objective on the stock. Jefferies Financial Group assumed coverage on Sonos in a research report on Monday, August 27th. They issued a “hold” rating and a $23.00 price objective on the stock. Stifel Nicolaus assumed coverage on Sonos in a research report on Monday, August 27th. They issued a “hold” rating and a $20.00 price objective on the stock. Finally, Morgan Stanley assumed coverage on Sonos in a research report on Monday, August 27th. They issued an “equal weight” rating and a $20.00 price objective on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Sonos has a consensus rating of “Buy” and an average target price of $22.83.

Shares of SONO traded up $0.46 during trading hours on Tuesday, hitting $13.74. The stock had a trading volume of 10,048 shares, compared to its average volume of 661,723. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 1.90. Sonos has a 12-month low of $11.78 and a 12-month high of $23.60.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Monday, September 10th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.23). The business had revenue of $208.40 million during the quarter, compared to the consensus estimate of $207.94 million. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. On average, sell-side analysts predict that Sonos will post -0.26 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Seven Eight Capital LP acquired a new stake in shares of Sonos during the third quarter valued at about $1,920,000. CenterStar Asset Management LLC acquired a new stake in shares of Sonos during the third quarter valued at about $117,000. JPMorgan Chase & Co. acquired a new stake in shares of Sonos during the third quarter valued at about $6,373,000. Penserra Capital Management LLC acquired a new stake in shares of Sonos during the third quarter valued at about $358,000. Finally, Wells Fargo & Company MN acquired a new stake in shares of Sonos during the third quarter valued at about $3,110,000. Institutional investors own 0.28% of the company’s stock.

Sonos Company Profile

Sonos, Inc, through its subsidiaries, designs, develops, manufactures, and sells multi-room audio products primarily for use in private residences in the United States and internationally. It offers wireless speakers, home theater speakers, and components. The company offers its products through third-party retail stores and e-commerce retailers, as well as through its sonos.com Website.

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