Invesco Ltd. Boosts Stock Holdings in Sonos, Inc. $SONO

Key Points

• Invesco Ltd. increased its stake in Sonos, Inc. by 17.4% during the first quarter, acquiring an additional 68,788 shares, bringing its total holdings to 463,213 shares valued at approximately $4.94 million.
• Major shareholder Coliseum Capital Management purchased 675,000 shares at $11.25 each, increasing their ownership by 4.88% and bringing their total shares owned to over 14.5 million.
• Wall Street analysts have mixed opinions on Sonos, with two out of three analysts giving it a Buy rating and an average price target set at $13.67, despite recent earnings showing a 13.2% decline in revenue year-over-year.

Invesco Ltd. boosted its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 17.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 463,213 shares of the company's stock after purchasing an additional 68,788 shares during the period. Invesco Ltd. owned about 0.39% of Sonos worth $4,942,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SONO. Raymond James Financial Inc. bought a new position in Sonos during the fourth quarter valued at approximately $1,676,000. Dimensional Fund Advisors LP lifted its position in Sonos by 5.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company's stock valued at $40,413,000 after purchasing an additional 148,608 shares during the period. MetLife Investment Management LLC lifted its position in Sonos by 5.9% during the fourth quarter. MetLife Investment Management LLC now owns 74,827 shares of the company's stock valued at $1,125,000 after purchasing an additional 4,179 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Sonos by 8.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 90,444 shares of the company's stock valued at $1,361,000 after purchasing an additional 7,110 shares during the period. Finally, Aquatic Capital Management LLC lifted its position in Sonos by 71.0% during the fourth quarter. Aquatic Capital Management LLC now owns 23,422 shares of the company's stock valued at $352,000 after purchasing an additional 9,722 shares during the period. Institutional investors own 85.82% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SONO. Rosenblatt Securities restated a "buy" rating and set a $17.00 price objective on shares of Sonos in a research report on Wednesday, August 20th. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a research 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 stock. According to MarketBeat.com, Sonos has a consensus rating of "Hold" and a consensus price target of $13.67.

Insider Activity

In other news, major shareholder Coliseum Capital Management, L acquired 55,000 shares of Sonos stock in a transaction dated Friday, August 8th. The stock was purchased at an average cost of $11.21 per share, with a total value of $616,550.00. Following the completion of the purchase, the insider directly owned 14,930,280 shares in the company, valued at approximately $167,368,438.80. This trade represents a 0.37% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Conrad acquired 92,300 shares of Sonos stock in a transaction dated Friday, August 8th. The stock was purchased at an average cost of $11.10 per share, with a total value of $1,024,530.00. Following the completion of the purchase, the chief executive officer owned 242,778 shares of the company's stock, valued at approximately $2,694,835.80. This represents a 61.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 2,950,069 shares of company stock valued at $31,713,016. 1.80% of the stock is currently owned by company insiders.

Sonos Stock Down 0.6%

SONO traded down $0.09 during trading on Monday, hitting $13.92. The company's stock had a trading volume of 1,297,641 shares, compared to its average volume of 2,493,608. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89. The firm has a market cap of $1.68 billion, a PE ratio of -21.42 and a beta of 2.17. The business's 50 day simple moving average is $11.57 and its 200-day simple moving average is $10.87.

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

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.