Nuveen LLC Makes New Investment in Sonos, Inc. $SONO

Key Points

• Nuveen LLC acquired 474,863 shares of Sonos, Inc. valued at approximately $5.07 million, increasing its ownership to 0.40% of the company.
• Insiders, including CEO Thomas Conrad and CFO Saori Casey, have significantly increased their stakes in Sonos, purchasing over 115,000 shares combined in early August 2023.
• Sonos reported a quarterly revenue of $344.76 million with a net margin of -5.41% and missed earnings estimates, signaling ongoing challenges despite institutional interest in the stock.

Nuveen LLC bought a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 474,863 shares of the company's stock, valued at approximately $5,067,000. Nuveen LLC owned about 0.40% of Sonos as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SONO. Ameriprise Financial Inc. raised its holdings in shares of Sonos by 10.9% during the fourth quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company's stock worth $9,855,000 after purchasing an additional 64,241 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Sonos by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,738,910 shares of the company's stock valued at $18,554,000 after buying an additional 40,539 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Sonos by 710.3% in the 1st quarter. GAMMA Investing LLC now owns 32,800 shares of the company's stock valued at $350,000 after buying an additional 28,752 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Sonos by 62.3% in the 1st quarter. SG Americas Securities LLC now owns 66,277 shares of the company's stock valued at $707,000 after buying an additional 25,438 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Sonos by 26.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 375,614 shares of the company's stock worth $5,649,000 after buying an additional 77,765 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Sonos

In related news, CFO Saori Casey bought 22,727 shares of the stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $10.94 per share, for a total transaction of $248,633.38. Following the purchase, the chief financial officer owned 107,000 shares of the company's stock, valued at $1,170,580. This trade represents a 26.97% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas Conrad purchased 92,300 shares of the business's stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $11.10 per share, with a total value of $1,024,530.00. Following the acquisition, the chief executive officer directly owned 242,778 shares in the company, valued at approximately $2,694,835.80. This represents a 61.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,950,069 shares of company stock worth $31,713,016 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Sonos Stock Down 0.6%

NASDAQ SONO traded down $0.09 on Monday, reaching $13.92. The stock had a trading volume of 1,297,641 shares, compared to its average volume of 2,493,608. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -21.42 and a beta of 2.17. Sonos, Inc. has a 12-month low of $7.63 and a 12-month high of $15.89. The stock has a fifty day moving average price of $11.65 and a two-hundred day moving average price of $10.87.

Sonos (NASDAQ:SONO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The company had revenue of $344.76 million during the quarter, compared to analysts' expectations of $324.66 million. Sonos had a negative net margin of 5.41% and a negative return on equity of 18.19%. The company's revenue for the quarter was down 13.2% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. Sell-side analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SONO shares. Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Rosenblatt Securities restated a "buy" rating and set a $17.00 target price on shares of Sonos in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $13.67.

Sonos Company 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.