57,783 Shares in Sonos, Inc. $SONO Purchased by Maverick Capital Ltd.

Key Points

• Maverick Capital Ltd. acquired a new stake in Sonos, Inc., purchasing 57,783 shares valued at approximately $617,000 during the first quarter of the year.
• Despite a revenue of $344.76 million for the last quarter, Sonos reported an EPS of (0.03), missing analysts' expectations, while revenues decreased by 13.2% year-over-year.
• CEO Thomas Conrad and a director made significant share purchases totaling over $1.27 million, indicating confidence in the company's stock amidst a largely negative performance.

Maverick Capital Ltd. acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 57,783 shares of the company's stock, valued at approximately $617,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in SONO. Coliseum Capital Management LLC grew its stake in shares of Sonos by 50.3% during the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock worth $161,440,000 after purchasing an additional 3,590,782 shares during the period. Trigran Investments Inc. grew its stake 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 purchasing an additional 1,017,223 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Sonos during the 4th quarter worth approximately $13,057,000. Nuveen LLC acquired a new stake in shares of Sonos during the 1st quarter worth approximately $5,067,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Sonos by 14.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company's stock valued at $47,940,000 after buying an additional 408,479 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 675,000 shares of Sonos stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $11.25 per share, for a total transaction of $7,593,750.00. Following the acquisition, the insider directly owned 14,505,191 shares in the company, valued at approximately $163,183,398.75. The trade was a 4.88% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders acquired 2,950,069 shares of company stock worth $31,713,016. 1.80% of the stock is owned by insiders.

Sonos Trading Up 2.2%

SONO stock traded up $0.32 during midday trading on Friday, reaching $14.69. The stock had a trading volume of 2,297,339 shares, compared to its average volume of 2,181,807. The company's fifty day simple moving average is $11.94 and its 200 day simple moving average is $10.94. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -22.60 and a beta of 2.17. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SONO. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 target price on shares of Sonos in a research report on Wednesday, August 20th. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $13.67.

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.