Sonos, Inc. (NASDAQ:SONO) Given Consensus Rating of “Hold” by Brokerages

Shares of Sonos, Inc. (NASDAQ:SONO) have been given an average recommendation of “Hold” by the five ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $20.00.

Several brokerages recently issued reports on SONO. Rosenblatt Securities reissued a “buy” rating and set a $21.00 price objective on shares of Sonos in a research note on Monday. Zacks Research downgraded shares of Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd.

Sonos Price Performance

SONO stock opened at $14.90 on Tuesday. The company’s 50 day simple moving average is $14.77 and its 200-day simple moving average is $15.60. The firm has a market capitalization of $1.78 billion, a PE ratio of 87.65 and a beta of 1.94. Sonos has a 12 month low of $9.65 and a 12 month high of $19.82.

Hedge Funds Weigh In On Sonos

Several institutional investors and hedge funds have recently modified their holdings of the company. Ritter Alpha LP purchased a new position in shares of Sonos during the first quarter valued at approximately $146,000. Bank of America Corp DE lifted its stake in shares of Sonos by 43.7% during the first quarter. Bank of America Corp DE now owns 1,187,427 shares of the company’s stock valued at $15,912,000 after buying an additional 360,874 shares during the period. Amundi lifted its stake in shares of Sonos by 55.4% during the first quarter. Amundi now owns 34,704 shares of the company’s stock valued at $465,000 after buying an additional 12,369 shares during the period. California State Teachers Retirement System lifted its stake in shares of Sonos by 29.9% during the first quarter. California State Teachers Retirement System now owns 136,940 shares of the company’s stock valued at $1,835,000 after buying an additional 31,557 shares during the period. Finally, Quantinno Capital Management LP raised its stake in Sonos by 24.5% during the first quarter. Quantinno Capital Management LP now owns 59,585 shares of the company’s stock worth $798,000 after purchasing an additional 11,707 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

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.