29,097 Shares in Sonos, Inc. $SONO Acquired by Counterpoint Mutual Funds LLC

Key Points

• Counterpoint Mutual Funds LLC has acquired 29,097 shares of Sonos, Inc. valued at approximately $315,000, marking a new position for the institutional investor.
• Wall Street analysts have varied opinions on Sonos, with a consensus rating of "Hold" and a target price of $13.67, while Rosenblatt Securities maintains a "buy" rating with a price objective of $17.00.
• CEO Thomas Conrad purchased 92,300 shares at an average price of $11.10 per share, increasing his holdings by 61.34% following recent insider trading activity.

Counterpoint Mutual Funds LLC acquired a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 29,097 shares of the company's stock, valued at approximately $315,000.

Several other institutional investors also recently modified their holdings of SONO. Coliseum Capital Management LLC increased its position in shares of Sonos by 9.7% in the first quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock worth $125,645,000 after purchasing an additional 1,041,569 shares during the last quarter. Trigran Investments Inc. increased its position in shares of Sonos by 24.0% in the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after purchasing an additional 1,017,223 shares during the last quarter. Nuveen LLC bought a new position in shares of Sonos in the first quarter worth approximately $5,067,000. Jones Financial Companies Lllp increased its position in shares of Sonos by 22,701.2% in the first quarter. Jones Financial Companies Lllp now owns 353,190 shares of the company's stock worth $3,769,000 after purchasing an additional 351,641 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Sonos by 10.6% in the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock worth $54,957,000 after purchasing an additional 351,057 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SONO. Rosenblatt Securities restated a "buy" rating and issued a $17.00 price objective on shares of Sonos in a research report on Wednesday, August 20th. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $13.67.

Insider Buying and Selling

In related news, CEO Thomas Conrad acquired 92,300 shares of the company's stock in a transaction dated Friday, August 8th. The stock was purchased at an average price of $11.10 per share, with a total value of $1,024,530.00. Following the completion of the purchase, the chief executive officer owned 242,778 shares in the company, valued at $2,694,835.80. This trade represents a 61.34% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Coliseum Capital Management, L acquired 55,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $11.21 per share, with a total value of $616,550.00. Following the purchase, the insider owned 14,930,280 shares of the company's stock, valued at approximately $167,368,438.80. This trade represents a 0.37% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,875,053 shares of company stock worth $20,886,926. 1.80% of the stock is owned by company insiders.

Sonos Price Performance

Shares of SONO opened at $15.15 on Thursday. The firm has a market cap of $1.83 billion, a P/E ratio of -23.31 and a beta of 2.17. The stock has a 50 day simple moving average of $13.08 and a two-hundred day simple moving average of $11.15. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.95.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $344.76 million during the quarter, compared to analysts' expectations of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The firm's quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 EPS. On average, equities analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current year.

Sonos Profile

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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