Bank of America Corp DE Increases Stock Position in Sonos, Inc. $SONO

Key Points

• Bank of America increased its Sonos position by 43.7% in the first quarter, adding 360,874 shares to own 1.19 million shares valued at approximately $15.9 million, or about 1% of the company.
• Sonos reported quarterly EPS of $0.27, exceeding the $0.04 consensus estimate, while revenue rose 8.8% year over year to $375.26 million. Institutional investors collectively own 85.82% of the stock.
• Analyst sentiment remains mixed: two analysts rate Sonos a Buy and three rate it Hold, resulting in a consensus Hold rating and an average price target of $20 versus a recent share price of $16.05.

Bank of America Corp DE boosted its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 43.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,187,427 shares of the company's stock after buying an additional 360,874 shares during the period. Bank of America Corp DE owned approximately 1.00% of Sonos worth $15,912,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hantz Financial Services Inc. grew its position in shares of Sonos by 307.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company's stock valued at $31,000 after purchasing an additional 1,330 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Sonos by 699.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company's stock valued at $36,000 after buying an additional 1,798 shares during the period. Daiwa Securities Group Inc. purchased a new stake in shares of Sonos in the fourth quarter worth about $50,000. Quarry LP lifted its holdings in shares of Sonos by 485.8% in the third quarter. Quarry LP now owns 3,251 shares of the company's stock worth $51,000 after buying an additional 2,696 shares in the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Sonos in the fourth quarter valued at approximately $64,000. Institutional investors own 85.82% of the company's stock.

Sonos Stock Performance

NASDAQ SONO opened at $16.05 on Friday. Sonos, Inc. has a 52-week low of $12.44 and a 52-week high of $19.82. The company has a market capitalization of $1.90 billion, a P/E ratio of 35.67 and a beta of 1.95. The company has a fifty day moving average of $14.90 and a 200-day moving average of $14.78.

Sonos (NASDAQ:SONO - Get Free Report) last issued its quarterly 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. The firm had revenue of $375.26 million during the quarter, compared to analyst estimates of $365.65 million. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The company's revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) earnings per share. As a group, analysts forecast that Sonos, Inc. will post 0.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Sonos news, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction that occurred 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 transaction, the director directly owned 53,775 shares of the company's stock, valued at approximately $914,175. This trade represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by insiders.

Analyst Ratings Changes

SONO has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Sonos from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Rosenblatt Securities restated a "buy" rating and set a $21.00 target price on shares of Sonos in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded Sonos from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price 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.

Want to see what other hedge funds are holding SONO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonos, Inc. (NASDAQ:SONO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source