Analysts Set Sonos, Inc. (NASDAQ:SONO) Target Price at $20.00

Sonos, Inc. (NASDAQ:SONO) has been given an average recommendation of “Moderate Buy” by the five research firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $20.00.

Several research firms have weighed in on SONO. Morgan Stanley set a $18.00 target price on Sonos in a report on Wednesday, February 4th. Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 target price on shares of Sonos in a research note on Monday, February 2nd.

Insider Activity at Sonos

In other news, major shareholder Coliseum Capital Management, L bought 125,000 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was acquired at an average price of $13.57 per share, with a total value of $1,696,250.00. Following the completion of the purchase, the insider directly owned 18,070,762 shares of the company’s stock, valued at approximately $245,220,240.34. This represents a 0.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders have acquired 3,140,482 shares of company stock valued at $46,905,007. Corporate insiders own 1.25% of the company’s stock.

Institutional Trading of Sonos

Large investors have recently modified their holdings of the stock. Corient Private Wealth LLC lifted its stake in shares of Sonos by 156.3% in the fourth quarter. Corient Private Wealth LLC now owns 41,424 shares of the company’s stock valued at $727,000 after buying an additional 25,261 shares in the last quarter. Invesco Ltd. lifted its position in shares of Sonos by 3.1% during the 4th quarter. Invesco Ltd. now owns 533,132 shares of the company’s stock valued at $9,362,000 after buying an additional 16,118 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its holdings in Sonos by 3.1% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 43,263 shares of the company’s stock valued at $760,000 after purchasing an additional 1,318 shares during the last quarter. Summit Global Investments bought a new position in shares of Sonos in the fourth quarter worth $1,255,000. Finally, XTX Topco Ltd purchased a new position in Sonos during the 4th quarter valued at about $1,462,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $13.58 on Thursday. Sonos has a 52 week low of $7.63 and a 52 week high of $19.82. The business has a 50 day simple moving average of $14.64 and a 200 day simple moving average of $16.21. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -79.88 and a beta of 1.99.

Sonos (NASDAQ:SONO) last posted its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.85 by $0.08. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The business had revenue of $545.66 million during the quarter, compared to the consensus estimate of $536.93 million. During the same quarter last year, the company earned $0.64 EPS. Sonos’s revenue was down .9% on a year-over-year basis. On average, analysts predict that Sonos will post -0.37 EPS 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.