Key Points
- Insider sale: Edward Lazarus sold 12,000 Sonos shares on Dec. 4 at $19 each for $228,000, reducing his stake by 2.76% to 423,219 shares.
- Quarterly miss: Sonos reported ($0.06) EPS versus $0.05 expected and revenue of $287.9M versus $535.43M expected, resulting in negative net margin and return on equity.
- Market context: shares trade near their 52‑week high (~$19.15) with a $2.3B market cap, ~85.8% institutional ownership, and a consensus analyst rating of Hold with a $17 price target.
Sonos, Inc. (NASDAQ:SONO - Get Free Report) insider Edward Lazarus sold 12,000 shares of the business's stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $19.00, for a total value of $228,000.00. Following the completion of the sale, the insider owned 423,219 shares of the company's stock, valued at $8,041,161. The trade was a 2.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Sonos Stock Up 2.1%
SONO opened at $19.15 on Friday. The stock's fifty day moving average is $17.11 and its two-hundred day moving average is $13.73. The company has a market capitalization of $2.30 billion, a P/E ratio of -36.83 and a beta of 2.01. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $19.16.
Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Wednesday, November 5th. The company reported ($0.06) earnings per share 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 firm 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 company posted ($0.44) earnings per share. Sonos's quarterly revenue was up 12.7% compared to the same quarter last year. Equities analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current year.
Hedge Funds Weigh In On Sonos
A number of large investors have recently added to or reduced their stakes in SONO. CIBC Bancorp USA Inc. acquired a new position in Sonos during the 3rd quarter worth $198,000. Centaurus Financial Inc. raised its position in Sonos by 6.6% in the 3rd quarter. Centaurus Financial Inc. now owns 11,056 shares of the company's stock valued at $175,000 after purchasing an additional 681 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in Sonos by 6.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 3,196,401 shares of the company's stock valued at $50,503,000 after purchasing an additional 198,728 shares in the last quarter. Caxton Associates LLP purchased a new position in shares of Sonos in the 3rd quarter valued at about $1,325,000. Finally, PharVision Advisers LLC purchased a new position in shares of Sonos in the 3rd quarter valued at about $324,000. 85.82% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
SONO has been the subject of a number of research reports. Morgan Stanley set a $17.00 target price on shares of Sonos and gave the stock an "equal weight" rating in a report on Thursday, November 6th. Wall Street Zen upgraded shares of Sonos from a "hold" rating to a "buy" rating in a report on Saturday, November 22nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sonos in a research report on Wednesday, October 8th. Finally, Rosenblatt Securities lifted their price objective on shares of Sonos from $17.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $17.00.
Check Out Our Latest Report on Sonos
About Sonos
(
Get Free Report)
Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.
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