Connor Clark & Lunn Investment Management Ltd. Invests $4.29 Million in Sonos, Inc. $SONO

Key Points

• Connor Clark & Lunn Investment Management acquired 317,426 Sonos shares worth approximately $4.29 million, representing about 0.27% of the company. Institutional investors collectively own 85.82% of Sonos.
• Sonos reported quarterly EPS of $0.27, beating estimates by $0.23, while revenue rose 8.8% year over year to $375.26 million.
• Analyst sentiment remains cautious, with an average rating of “Hold” and a consensus price target of $20.00; the stock recently opened at $15.10.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 317,426 shares of the company's stock, valued at approximately $4,295,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.27% of Sonos as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Centaurus Financial Inc. raised its position in Sonos by 6.6% in the 3rd quarter. Centaurus Financial Inc. now owns 11,056 shares of the company's stock worth $175,000 after purchasing an additional 681 shares during the period. State of Wisconsin Investment Board boosted its position in Sonos by 1.7% during the fourth quarter. State of Wisconsin Investment Board now owns 43,982 shares of the company's stock valued at $772,000 after buying an additional 724 shares during the period. Intech Investment Management LLC boosted its position in Sonos by 0.7% during the fourth quarter. Intech Investment Management LLC now owns 117,718 shares of the company's stock valued at $2,067,000 after buying an additional 776 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Sonos by 1.0% during the second quarter. Thrivent Financial for Lutherans now owns 88,302 shares of the company's stock valued at $955,000 after buying an additional 833 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Sonos by 4.6% during the fourth quarter. ProShare Advisors LLC now owns 23,241 shares of the company's stock valued at $408,000 after buying an additional 1,017 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Insider Buying and Selling at Sonos

In other news, Director Julius Genachowski sold 19,855 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 53,775 shares of the company's stock, valued at approximately $914,175. The trade was a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.25% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen downgraded Sonos from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 22nd. Weiss Ratings upgraded Sonos from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Finally, Rosenblatt Securities restated a "buy" rating and set a $21.00 price target on shares of Sonos in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $20.00.

Sonos Trading Down 1.5%

Sonos stock opened at $15.10 on Friday. The firm has a market cap of $1.79 billion, a P/E ratio of 33.56 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 has a 50-day moving average of $14.95 and a 200-day moving average of $14.77.

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

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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