Charles Schwab Investment Management Inc. Has $18.55 Million Stock Position in Sonos, Inc. $SONO

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Sonos, Inc. by 2.4%, owning approximately 1.46% of the company's stock valued at $18.55 million.
• Institutional investors own approximately 85.82% of Sonos, with Coliseum Capital Management significantly boosting its stake by 50.3% in the last quarter.
• Sonos reported a revenue of $344.76 million for the latest quarter but missed earnings estimates with a loss of ($0.03) per share.

Charles Schwab Investment Management Inc. grew its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,738,910 shares of the company's stock after purchasing an additional 40,539 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.46% of Sonos worth $18,554,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Sonos during the 4th quarter valued at about $103,000. Centaurus Financial Inc. bought a new position in shares of Sonos in the fourth quarter valued at approximately $108,000. Blueshift Asset Management LLC increased its stake in shares of Sonos by 11.4% during the first quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock valued at $143,000 after acquiring an additional 1,367 shares during the period. Captrust Financial Advisors acquired a new stake in Sonos in the fourth quarter worth approximately $162,000. Finally, Occudo Quantitative Strategies LP bought a new position in Sonos during the 4th quarter valued at $196,000. Institutional investors own 85.82% of the company's stock.

Sonos Trading Up 1.4%

SONO traded up $0.20 during midday trading on Wednesday, reaching $13.84. The company's stock had a trading volume of 873,852 shares, compared to its average volume of 2,010,990. The company has a fifty day simple moving average of $11.33 and a 200 day simple moving average of $10.87. The stock has a market cap of $1.67 billion, a P/E ratio of -21.30 and a beta of 2.04. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $344.76 million during the quarter, compared to the consensus estimate of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.Sonos's revenue was down 13.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 EPS. Sell-side analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SONO. Rosenblatt Securities reaffirmed a "buy" rating and issued a $17.00 price target on shares of Sonos in a report on Wednesday, August 20th. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Sonos has a consensus rating of "Hold" and an average price target of $13.67.

Insider Transactions at Sonos

In other news, Director Julius Genachowski acquired 22,850 shares of Sonos stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $10.95 per share, with a total value of $250,207.50. Following the purchase, the director directly owned 124,396 shares of the company's stock, valued at $1,362,136.20. The trade was a 22.50% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Saori Casey purchased 22,727 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was purchased at an average cost of $10.94 per share, with a total value of $248,633.38. Following the acquisition, the chief financial officer directly owned 107,000 shares in the company, valued at $1,170,580. This trade represents a 26.97% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 2,950,069 shares of company stock worth $31,713,016. 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.