Deroy & Devereaux Private Investment Counsel Inc. Purchases 368,282 Shares of Sonos, Inc. $SONO

Key Points

• Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Sonos, Inc. by 22.0%, owning over 2 million shares valued at approximately $22 million after purchasing an additional 368,282 shares in Q2.
• Analysts are divided on Sonos, with two ratings for "Buy" and one for "Sell," and a consensus price target currently set at $15.00 for the stock.
• Sonos reported a revenue decline of 13.2% year-over-year, with a quarterly earnings miss of ($0.03) per share against a consensus estimate of ($0.02).

Deroy & Devereaux Private Investment Counsel Inc. grew its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 22.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,039,098 shares of the company's stock after acquiring an additional 368,282 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. owned about 1.70% of Sonos worth $22,043,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Coliseum Capital Management LLC boosted its holdings in shares of Sonos by 9.7% during the 1st quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock worth $125,645,000 after buying an additional 1,041,569 shares during the period. Trigran Investments Inc. boosted its holdings in shares of Sonos by 24.0% during the 1st quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after buying an additional 1,017,223 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Sonos by 3.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,283,633 shares of the company's stock worth $35,036,000 after buying an additional 96,111 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Sonos by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,738,910 shares of the company's stock worth $18,554,000 after buying an additional 40,539 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Sonos by 0.4% during the 1st quarter. Northern Trust Corp now owns 1,322,873 shares of the company's stock worth $14,115,000 after buying an additional 5,161 shares during the period. Institutional investors own 85.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SONO shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 target price on shares of Sonos in a report on Wednesday, August 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Sonos in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $15.00.

Sonos Stock Down 3.2%

NASDAQ SONO opened at $15.97 on Wednesday. The company has a market capitalization of $1.93 billion, a P/E ratio of -24.57 and a beta of 2.26. Sonos, Inc. has a 12-month low of $7.63 and a 12-month high of $18.06. The firm has a 50-day moving average price of $14.66 and a two-hundred day moving average price of $11.63.

Sonos (NASDAQ:SONO - Get Free Report) last posted 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 business had revenue of $344.76 million during the quarter, compared to the consensus estimate of $324.66 million. Sonos had a negative net margin of 5.41% and a negative return on equity of 18.19%. The business's revenue for the quarter was down 13.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 EPS. Equities analysts expect that Sonos, Inc. will post -0.37 EPS for the current year.

Insider Activity

In other news, Director Julius Genachowski bought 22,850 shares of the company's stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $10.95 per share, for a total transaction of $250,207.50. Following the transaction, the director owned 124,396 shares of the company's stock, valued at $1,362,136.20. This represents a 22.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Saori Casey bought 22,727 shares of the company's stock in a transaction dated Friday, August 8th. The stock was purchased at an average price of $10.94 per share, with a total value of $248,633.38. Following the completion of the transaction, the chief financial officer directly owned 107,000 shares in the company, valued at approximately $1,170,580. This represents a 26.97% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,875,053 shares of company stock valued at $20,886,926 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Sonos Profile

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.

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