The Manufacturers Life Insurance Company Takes Position in Sonos, Inc. $SONO

The Manufacturers Life Insurance Company bought a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the second quarter, Holdings Channel reports. The firm bought 60,169 shares of the company’s stock, valued at approximately $814,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Hantz Financial Services Inc. raised its holdings in Sonos by 307.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock valued at $31,000 after buying an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in Sonos by 699.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after buying an additional 1,798 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of Sonos in the fourth quarter worth $50,000. Quarry LP increased its position in shares of Sonos by 485.8% in the third quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after acquiring an additional 2,696 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Sonos in the second quarter worth $59,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Insider Activity

In other Sonos news, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the sale, the director directly owned 53,775 shares in the company, valued at $914,175. The trade was a 26.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $15.39, for a total value of $153,900.00. Following the completion of the transaction, the director directly owned 84,271 shares in the company, valued at approximately $1,296,930.69. The trade was a 10.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company’s stock.

Sonos Price Performance

Sonos stock opened at $15.36 on Friday. Sonos, Inc. has a 12-month low of $12.44 and a 12-month high of $19.82. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 34.13 and a beta of 1.93. The firm’s fifty day moving average price is $15.13 and its 200 day moving average price is $14.74.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.23. The company had revenue of $375.26 million during the quarter, compared to analysts’ expectations of $365.65 million. Sonos had a net margin of 3.82% and a return on equity of 19.10%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.03) EPS. Analysts forecast that Sonos, Inc. will post 0.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $21.00 target price on shares of Sonos in a report on Thursday, July 30th. Weiss Ratings upgraded Sonos from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Finally, Wall Street Zen lowered Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 22nd. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $20.00.

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.