Jacobs Levy Equity Management Inc. Acquires 96,111 Shares of Sonos, Inc. $SONO

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Sonos, Inc. by 3.0%, acquiring an additional 96,111 shares and now holds approximately 3,283,633 shares valued at $35 million.
• Wall Street analysts have mixed ratings on Sonos, with Rosenblatt Securities maintaining a "buy" rating and a target price of $17.00, while the average rating remains a "hold" at a target price of $13.67.
• Major shareholder Coliseum Capital Management purchased 675,000 shares at an average cost of $11.25, raising its ownership stake and reflecting ongoing insider confidence in the company's performance.

Jacobs Levy Equity Management Inc. increased its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,283,633 shares of the company's stock after purchasing an additional 96,111 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 2.76% of Sonos worth $35,036,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Coliseum Capital Management LLC grew its stake in Sonos by 9.7% in the first quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock valued at $125,645,000 after acquiring an additional 1,041,569 shares during the period. Trigran Investments Inc. grew its stake in Sonos by 24.0% in the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock valued at $56,006,000 after acquiring an additional 1,017,223 shares during the period. Wellington Management Group LLP grew its stake in Sonos by 10.6% in the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock valued at $54,957,000 after acquiring an additional 351,057 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Sonos by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,738,910 shares of the company's stock valued at $18,554,000 after acquiring an additional 40,539 shares during the period. Finally, Northern Trust Corp grew its stake in Sonos by 0.4% in the first quarter. Northern Trust Corp now owns 1,322,873 shares of the company's stock valued at $14,115,000 after acquiring an additional 5,161 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Performance

SONO traded up $0.34 on Thursday, hitting $15.02. 499,017 shares of the company were exchanged, compared to its average volume of 1,997,833. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $15.89. The company has a market cap of $1.82 billion, a PE ratio of -23.09 and a beta of 2.17. The stock's fifty day moving average is $12.17 and its 200-day moving average is $10.99.

Sonos (NASDAQ:SONO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) 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 company had revenue of $344.76 million for the quarter, compared to the consensus estimate of $324.66 million. During the same quarter in the previous year, the company posted $0.03 EPS. The business's revenue was down 13.2% on a year-over-year basis. As a group, equities research analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SONO has been the subject of a number of research analyst reports. Rosenblatt Securities reissued a "buy" rating and issued a $17.00 target price on shares of Sonos in a research note on Wednesday, August 20th. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $13.67.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 55,000 shares of the company's stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $11.21 per share, for a total transaction of $616,550.00. Following the completion of the purchase, the insider directly owned 14,930,280 shares of the company's stock, valued at approximately $167,368,438.80. This represents a 0.37% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Saori Casey acquired 22,727 shares of the company's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $10.94 per share, for a total transaction of $248,633.38. Following the purchase, the chief financial officer directly owned 107,000 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders have acquired 2,710,069 shares of company stock worth $29,262,616. Insiders own 1.80% of the company's stock.

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.