74,500 Shares in Sonos, Inc. $SONO Acquired by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 74,500 Sonos shares worth approximately $1.0 million, giving it a 0.06% stake. Institutional investors collectively own 85.82% of Sonos.
• Sonos reported quarterly EPS of $0.27, surpassing the $0.04 consensus estimate, while revenue rose 8.8% year over year to $375.26 million.
• Shares opened at $15.60, while analysts maintain a consensus “Hold” rating with an average price target of $20.00; a company director separately sold 19,855 shares at $17.00 each.

Canada Pension Plan Investment Board purchased a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 74,500 shares of the company's stock, valued at approximately $1,008,000. Canada Pension Plan Investment Board owned 0.06% of Sonos as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. grew its position in shares of Sonos by 307.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company's stock worth $31,000 after acquiring an additional 1,330 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Sonos by 699.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company's stock valued at $36,000 after purchasing an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Sonos during the 4th quarter worth $50,000. Quarry LP raised its stake in shares of Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company's stock worth $51,000 after purchasing an additional 2,696 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Sonos during the second quarter worth approximately $59,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Sonos Trading Up 2.0%

NASDAQ SONO opened at $15.60 on Tuesday. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 34.67 and a beta of 1.95. The business's 50 day moving average is $14.99 and its two-hundred day moving average is $14.74. Sonos, Inc. has a 12-month low of $12.44 and a 12-month high of $19.82.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.23. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The firm had revenue of $375.26 million for the quarter, compared to the consensus estimate of $365.65 million. During the same period in the previous year, the business earned ($0.03) earnings per share. The company's revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts forecast that Sonos, Inc. will post 0.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the business's stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total transaction of $337,535.00. Following the sale, the director directly owned 53,775 shares in the company, valued at approximately $914,175. The trade was a 26.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen downgraded Sonos from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $21.00 price objective on shares of Sonos in a research note on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Sonos from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $20.00.

Sonos 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.

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