Deutsche Bank AG Invests $2.38 Million in Sonos, Inc. $SONO

Key Points

• Deutsche Bank acquired 176,113 Sonos shares worth approximately $2.38 million in the second quarter, giving it a 0.15% stake. Institutional investors collectively own 85.82% of the company.
• Sonos reported stronger-than-expected quarterly results, with EPS of $0.27 versus the $0.04 consensus estimate and revenue of $375.26 million, up 8.8% year over year.
• Shares opened at $15.10 and analysts maintained a generally cautious outlook: two rated the stock Buy and three Hold, producing a consensus Hold rating and an average price target of $20.

Deutsche Bank AG acquired a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 176,113 shares of the company's stock, valued at approximately $2,383,000. Deutsche Bank AG owned about 0.15% of Sonos at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership raised its position in Sonos by 626.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company's stock valued at $42,083,000 after purchasing an additional 2,296,996 shares during the period. Renaissance Technologies LLC raised its holdings in Sonos by 258.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company's stock valued at $22,867,000 after buying an additional 1,230,900 shares during the period. Cubist Systematic Strategies LLC raised its holdings in Sonos by 250.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company's stock valued at $15,066,000 after buying an additional 996,425 shares during the period. OP Asset Management Ltd acquired a new position in Sonos in the first quarter valued at about $10,414,000. Finally, AQR Capital Management LLC lifted its position in Sonos by 1,472.4% in the second quarter. AQR Capital Management LLC now owns 804,583 shares of the company's stock valued at $8,698,000 after buying an additional 753,414 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Insiders Place Their Bets

In related 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 completion of the sale, the director owned 53,775 shares in the company, valued at $914,175. The trade was a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is currently owned by insiders.

Sonos Trading Down 1.5%

Shares of NASDAQ SONO opened at $15.10 on Friday. Sonos, Inc. has a 12-month low of $12.44 and a 12-month high of $19.82. The stock has a market cap of $1.79 billion, a P/E ratio of 33.56 and a beta of 1.95. The business's fifty day simple moving average is $14.95 and its 200-day simple moving average is $14.77.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on SONO shares. Rosenblatt Securities reiterated a "buy" rating and set a $21.00 price target on shares of Sonos in a research report on Thursday, July 30th. Wall Street Zen lowered shares of Sonos from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 22nd. Finally, Weiss Ratings raised shares of Sonos from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $20.00.

Sonos Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source