Sonos’ (SONO) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Sonos (NASDAQ:SONO) in a report published on Monday, Benzinga reports. They currently have a $24.00 price objective on the stock.

A number of other brokerages have also recently issued reports on SONO. TheStreet upgraded Sonos from a d+ rating to a c- rating in a research note on Wednesday, February 14th. Morgan Stanley boosted their target price on shares of Sonos from $20.00 to $25.00 and gave the company an overweight rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $21.00.

Sonos Stock Down 0.8 %

SONO stock opened at $19.06 on Monday. The business has a 50 day moving average of $18.05 and a 200-day moving average of $15.31. Sonos has a 12-month low of $9.78 and a 12-month high of $21.98. The firm has a market cap of $2.36 billion, a PE ratio of -635.12 and a beta of 1.99.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.22. Sonos had a negative net margin of 0.28% and a positive return on equity of 5.65%. The company had revenue of $612.87 million during the quarter, compared to analyst estimates of $588.96 million. On average, research analysts expect that Sonos will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Thomas Conrad sold 5,337 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $18.31, for a total transaction of $97,720.47. Following the transaction, the director now owns 37,334 shares in the company, valued at $683,585.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 7,147 shares of company stock valued at $129,984 over the last quarter. 3.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonos

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC increased its stake in shares of Sonos by 955.5% in the 3rd quarter. Jump Financial LLC now owns 223,905 shares of the company’s stock worth $2,891,000 after acquiring an additional 202,691 shares in the last quarter. First Eagle Investment Management LLC boosted its position in shares of Sonos by 16.3% in the 3rd quarter. First Eagle Investment Management LLC now owns 336,304 shares of the company’s stock worth $4,342,000 after purchasing an additional 47,200 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Sonos by 7.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,312,778 shares of the company’s stock worth $16,948,000 after buying an additional 87,341 shares during the last quarter. Trigran Investments Inc. increased its position in Sonos by 7.0% during the 3rd quarter. Trigran Investments Inc. now owns 6,698,433 shares of the company’s stock valued at $86,477,000 after buying an additional 436,696 shares in the last quarter. Finally, Deutsche Bank AG raised its stake in Sonos by 12.6% during the third quarter. Deutsche Bank AG now owns 68,860 shares of the company’s stock valued at $889,000 after buying an additional 7,682 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.