Sonos (NASDAQ:SONO) Downgraded to Hold Rating by Wall Street Zen

Sonos (NASDAQ:SONO) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

SONO has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a report on Wednesday, October 8th. Jefferies Financial Group raised their price target on Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Rosenblatt Securities lifted their price objective on shares of Sonos from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Finally, Morgan Stanley set a $17.00 target price on shares of Sonos and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.67.

Sonos Stock Down 0.5%

Sonos stock opened at $15.85 on Friday. The company’s 50-day moving average price is $17.63 and its 200-day moving average price is $15.28. The company has a market cap of $1.92 billion, a PE ratio of -30.48 and a beta of 2.02. Sonos has a twelve month low of $7.63 and a twelve month high of $19.82.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.11). Sonos had a negative return on equity of 11.66% and a negative net margin of 4.24%.The company had revenue of $287.90 million during the quarter, compared to analysts’ expectations of $535.43 million. During the same quarter in the prior year, the business posted ($0.44) EPS. The company’s revenue was up 12.7% on a year-over-year basis. As a group, sell-side analysts expect that Sonos will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at Sonos

In related news, insider Edward P. Lazarus sold 12,000 shares of the firm’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $19.00, for a total value of $228,000.00. Following the transaction, the insider owned 423,219 shares of the company’s stock, valued at $8,041,161. This trade represents a 2.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Conrad acquired 62,325 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were bought at an average price of $16.17 per share, with a total value of $1,007,795.25. Following the acquisition, the chief executive officer directly owned 305,103 shares in the company, valued at $4,933,515.51. This represents a 25.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Sonos

A number of large investors have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in Sonos by 65.6% in the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock valued at $35,000 after acquiring an additional 1,269 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Sonos by 222.7% in the 2nd quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company’s stock worth $40,000 after purchasing an additional 2,563 shares in the last quarter. Quarry LP grew its stake in Sonos by 485.8% during the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after buying an additional 2,696 shares during the last quarter. GAMMA Investing LLC grew its stake in Sonos by 96.3% during the 2nd quarter. GAMMA Investing LLC now owns 6,035 shares of the company’s stock worth $65,000 after buying an additional 2,961 shares during the last quarter. Finally, Centaurus Financial Inc. increased its position in Sonos by 9.0% during the 2nd quarter. Centaurus Financial Inc. now owns 10,375 shares of the company’s stock valued at $112,000 after buying an additional 856 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

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.