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

Sonos, Inc. (NASDAQ:SONO) has earned a consensus rating of “Hold” from the five brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $20.00.

SONO has been the topic of several research analyst reports. Wall Street Zen lowered Sonos from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Zacks Research lowered shares of Sonos from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a report on Thursday, May 7th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research note on Monday, June 15th.

Sonos Stock Performance

Shares of SONO stock opened at $15.22 on Friday. The stock’s 50-day moving average is $14.79 and its two-hundred day moving average is $14.94. Sonos has a 1 year low of $10.11 and a 1 year high of $19.82. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 89.53 and a beta of 1.96.

Hedge Funds Weigh In On Sonos

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Sonos by 626.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock worth $42,083,000 after acquiring an additional 2,296,996 shares during the period. Renaissance Technologies LLC grew its holdings in Sonos by 258.8% in the first quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock valued at $22,867,000 after purchasing an additional 1,230,900 shares during the period. Cubist Systematic Strategies LLC grew its holdings in Sonos by 250.8% in the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock valued at $15,066,000 after purchasing an additional 996,425 shares during the period. OP Asset Management Ltd acquired a new position in Sonos during the first quarter worth approximately $10,414,000. Finally, AQR Capital Management LLC increased its position in Sonos by 1,472.4% during the second quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock worth $8,698,000 after purchasing an additional 753,414 shares during 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.