Sonos (NASDAQ:SONO) Stock Crosses Above 50 Day Moving Average – Here’s Why

Sonos, Inc. (NASDAQ:SONO) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $16.74 and traded as high as $17.05. Sonos shares last traded at $17.01, with a volume of 1,473,324 shares traded.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Rosenblatt Securities restated a “buy” rating and issued a $21.00 price target on shares of Sonos in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Sonos from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, October 13th. Finally, Wall Street Zen lowered shares of Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 22nd. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Sonos Trading Up 3.7%

The company’s 50 day moving average price is $16.74 and its 200-day moving average price is $15.29. The company has a market capitalization of $2.01 billion, a PE ratio of 37.80 and a beta of 1.94.

Insiders Place Their Bets

In other Sonos news, Director Karen Boone sold 46,766 shares of the business’s stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $18.13, for a total transaction of $847,867.58. Following the completion of the sale, the director owned 69,271 shares of the company’s stock, valued at approximately $1,255,883.23. The trade was a 40.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company’s stock.

Institutional Trading of Sonos

Institutional investors have recently modified their holdings of the company. Eurizon Capital SGR S.p.A. acquired a new stake in Sonos during the 3rd quarter worth approximately $26,000. Fortitude Family Office LLC lifted its position in Sonos by 325.3% during the third quarter. Fortitude Family Office LLC now owns 1,544 shares of the company’s stock valued at $28,000 after buying an additional 1,181 shares in the last quarter. Fulcrum Asset Management LLP lifted its position in Sonos by 747.3% during the third quarter. Fulcrum Asset Management LLP now owns 1,576 shares of the company’s stock valued at $28,000 after buying an additional 1,390 shares in the last quarter. Sterling Capital Management LLC lifted its position in Sonos by 600.2% during the third quarter. Sterling Capital Management LLC now owns 3,830 shares of the company’s stock valued at $69,000 after buying an additional 3,283 shares in the last quarter. Finally, Parallel Advisors LLC lifted its position in Sonos by 1,688.7% during the third quarter. Parallel Advisors LLC now owns 3,953 shares of the company’s stock valued at $71,000 after buying an additional 3,732 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

About Sonos

Sonos, Inc designs and sells wireless audio products and software for home entertainment. Its lineup includes wireless speakers, soundbars, subwoofers, amplifiers and related components that can be used individually or connected through the Sonos platform to play audio in multiple rooms.

The company’s products support music and other audio from a range of streaming services, as well as television and home theater setups. Sonos also offers software and services, including Sonos Radio, and sells products through its website and retail partners in markets around the world.

Founded in 2002 and headquartered in Santa Barbara, California, Sonos helped popularize app-controlled, multiroom wireless audio systems.