BlackRock Inc. Makes New $248.07 Million Investment in Sonos, Inc. $SONO

BlackRock Inc. purchased a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 18,334,625 shares of the company's stock, valued at approximately $248,067,000. BlackRock Inc. owned about 15.50% of Sonos at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Sonos by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company's stock valued at $244,704,000 after purchasing an additional 204,934 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Sonos by 2.8% in 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 during the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Sonos by 2.7% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,281,869 shares of the company's stock worth $57,630,000 after purchasing an additional 85,468 shares during the last quarter. Geode Capital Management LLC boosted its position in Sonos by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,908,435 shares of the company's stock valued at $51,082,000 after purchasing an additional 20,602 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Sonos by 27.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,384,430 shares of the company's stock valued at $31,949,000 after purchasing an additional 506,566 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Performance

Sonos stock opened at $15.33 on Thursday. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 34.07 and a beta of 1.95. Sonos, Inc. has a 1 year low of $12.44 and a 1 year high of $19.82. The firm's 50 day moving average price is $14.95 and its two-hundred day moving average price is $14.78.

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

Insider Activity

In other news, Director Julius Genachowski sold 19,855 shares of the company's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total transaction of $337,535.00. Following the completion of the sale, the director directly owned 53,775 shares of the company's stock, valued at $914,175. This represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SONO. Wall Street Zen downgraded Sonos from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 22nd. Rosenblatt Securities reissued a "buy" rating and issued a $21.00 price target on shares of Sonos in a research note on Thursday, July 30th. Finally, Weiss Ratings raised Sonos from a "hold (c-)" rating to a "hold (c)" rating in a 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 MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $20.00.

About Sonos

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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