Bank of America Corp DE Buys 968,361 Shares of Sonos, Inc. $SONO

Key Points

• Bank of America acquired 968,361 Sonos shares during the second quarter, worth approximately $13.1 million and representing about 0.82% of the company. Institutional investors and hedge funds collectively own 85.82% of Sonos.
• Sonos reported stronger-than-expected quarterly results, with EPS of $0.27 versus the $0.04 consensus estimate and revenue of $375.26 million, up 8.8% year over year.
• Analyst sentiment remains mixed: Sonos has an average rating of “Hold” and a $20 consensus price target, while Rosenblatt maintained a “Buy” rating with a $21 target.

Bank of America Corp DE purchased a new stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 968,361 shares of the company's stock, valued at approximately $13,102,000. Bank of America Corp DE owned about 0.82% of Sonos at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SONO. BlackRock Inc. bought a new stake in shares of Sonos in the 2nd quarter valued at $248,067,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Sonos by 2.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company's stock worth $44,319,000 after purchasing an additional 90,997 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Sonos by 27.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,384,430 shares of the company's stock worth $31,949,000 after purchasing an additional 506,566 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Sonos by 258.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company's stock valued at $22,867,000 after buying an additional 1,230,900 shares during the period. Finally, Systematic Financial Management LP grew its stake in shares of Sonos by 10.7% in the 1st quarter. Systematic Financial Management LP now owns 1,306,859 shares of the company's stock valued at $17,512,000 after buying an additional 126,760 shares during the period. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Price Performance

NASDAQ:SONO opened at $18.17 on Friday. The company has a market capitalization of $2.15 billion, a P/E ratio of 40.38 and a beta of 1.93. Sonos, Inc. has a 1 year low of $12.44 and a 1 year high of $19.82. The business has a fifty day simple moving average of $15.69 and a two-hundred day simple moving average of $14.81.

Sonos (NASDAQ:SONO - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted ($0.03) earnings per share. The business's quarterly revenue was up 8.8% on a year-over-year basis. As a group, analysts anticipate that Sonos, Inc. will post 0.69 earnings per share for the current year.

Analysts Set New Price Targets

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

Insider Activity at Sonos

In other Sonos news, Director Karen Boone sold 10,000 shares of Sonos stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $15.39, for a total transaction of $153,900.00. Following the completion of the sale, the director directly owned 84,271 shares in the company, valued at $1,296,930.69. The trade was a 10.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julius Genachowski sold 19,855 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the completion of the transaction, the director directly owned 53,775 shares in the company, valued at approximately $914,175. This represents a 26.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is currently owned by corporate insiders.

About Sonos

Sonos, Inc NASDAQ: SONO develops and sells wireless audio products and related software for residential and commercial environments. Its product portfolio includes wireless speakers, portable speakers, soundbars, subwoofers, headphones and components designed for home theater and whole-home audio systems.

The company's products are controlled through the Sonos app and can be connected across rooms, with support for music-streaming services, voice control and other smart-home features.

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