Landscape Capital Management L.L.C. Grows Stock Position in Sonos, Inc. $SONO

Key Points

• Landscape Capital Management L.L.C. significantly increased its stake in Sonos, Inc., acquiring an additional 185,675 shares and raising its position by 184.5%, now owning 286,330 shares valued at approximately $3,055,000.
• Despite a recent revenue of $344.76 million for the quarter, Sonos reported a loss of ($0.03) earnings per share, missing analysts' estimates, and indicated a 13.2% decline in revenue compared to the previous year.
• Insider transactions showed confidence as CFO Saori Casey and Director Julius Genachowski both purchased shares, increasing their holdings by 26.97% and 22.50% respectively.

Landscape Capital Management L.L.C. grew its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 184.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 286,330 shares of the company's stock after acquiring an additional 185,675 shares during the quarter. Landscape Capital Management L.L.C. owned about 0.24% of Sonos worth $3,055,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. AlphaQuest LLC purchased a new position in shares of Sonos during the first quarter worth about $29,000. Headlands Technologies LLC grew its stake in Sonos by 38.8% during the 1st quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after buying an additional 2,168 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Sonos during the fourth quarter worth approximately $103,000. Corient IA LLC purchased a new stake in Sonos in the first quarter valued at approximately $107,000. Finally, Centaurus Financial Inc. purchased a new stake in Sonos in the fourth quarter valued at approximately $108,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SONO. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 price objective on shares of Sonos in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $13.67.

Insider Activity at Sonos

In related news, CFO Saori Casey bought 22,727 shares of the stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $10.94 per share, for a total transaction of $248,633.38. Following the completion of the transaction, the chief financial officer owned 107,000 shares of the company's stock, valued at $1,170,580. This represents a 26.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Conrad bought 92,300 shares of the company's stock in a transaction on Friday, August 8th. The stock was bought at an average cost of $11.10 per share, with a total value of $1,024,530.00. Following the completion of the acquisition, the chief executive officer owned 242,778 shares of the company's stock, valued at $2,694,835.80. This represents a 61.34% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,950,069 shares of company stock worth $31,713,016 in the last ninety days. Corporate insiders own 1.80% of the company's stock.

Sonos Stock Up 1.4%

SONO stock traded up $0.19 on Wednesday, reaching $13.93. 496,728 shares of the company's stock were exchanged, compared to its average volume of 2,003,865. The stock has a fifty day moving average of $11.72 and a 200-day moving average of $10.89. The firm has a market cap of $1.68 billion, a PE ratio of -21.40 and a beta of 2.17. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89.

Sonos (NASDAQ:SONO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.03) 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 analyst estimates of $324.66 million. Sonos had a negative net margin of 5.41% and a negative return on equity of 18.19%. Sonos's revenue was down 13.2% compared to the same quarter last year. During the same period last year, the business posted $0.03 EPS. On average, equities research analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos Company 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.