Bayforest Capital Ltd Invests $1.14 Million in Sonos, Inc. $SONO

Key Points

• Bayforest Capital Ltd acquired 107,003 shares of Sonos, Inc., valuing the purchase at approximately $1.14 million, making Sonos its 23rd largest holding.
• Insider activity showed significant purchases, with CEO Thomas Conrad acquiring 92,300 shares, representing a 61.34% increase in his position.
• Sonos reported a revenue of $344.76 million for the most recent quarter, down 13.2% year-over-year, and missed earnings per share estimates by $0.01.

Bayforest Capital Ltd acquired a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 107,003 shares of the company's stock, valued at approximately $1,142,000. Sonos comprises 0.5% of Bayforest Capital Ltd's portfolio, making the stock its 23rd biggest position. Bayforest Capital Ltd owned 0.09% of Sonos at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Coliseum Capital Management LLC lifted its holdings in shares of Sonos by 9.7% in the 1st quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock worth $125,645,000 after acquiring an additional 1,041,569 shares during the last quarter. Trigran Investments Inc. lifted its holdings in shares of Sonos by 24.0% in the 1st quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after acquiring an additional 1,017,223 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Sonos by 10.6% in the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock worth $54,957,000 after acquiring an additional 351,057 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Sonos by 3.0% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,283,633 shares of the company's stock worth $35,036,000 after acquiring an additional 96,111 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Sonos by 2.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,738,910 shares of the company's stock worth $18,554,000 after acquiring an additional 40,539 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Stock Performance

NASDAQ:SONO traded down $0.02 during midday trading on Friday, reaching $15.13. 1,240,720 shares of the stock traded hands, compared to its average volume of 1,854,390. The company has a fifty day moving average of $12.33 and a 200 day moving average of $11.00. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $15.89. The stock has a market capitalization of $1.83 billion, a P/E ratio of -23.28 and a beta of 2.17.

Sonos (NASDAQ:SONO - Get Free Report) last issued its quarterly earnings data 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 for 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 firm's revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 price target on shares of Sonos in a report on Wednesday, August 20th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $13.67.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L acquired 675,000 shares of Sonos stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $11.25 per share, with a total value of $7,593,750.00. Following the transaction, the insider owned 14,505,191 shares in the company, valued at $163,183,398.75. This trade represents a 4.88% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Conrad acquired 92,300 shares of Sonos stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $11.10 per share, for a total transaction of $1,024,530.00. Following the completion of the transaction, the chief executive officer owned 242,778 shares in the company, valued at approximately $2,694,835.80. This trade represents a 61.34% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 2,430,069 shares of company stock worth $26,482,216. Insiders own 1.80% of the company's stock.

About Sonos

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.