NewEdge Wealth LLC Invests $3.37 Million in Sonos, Inc. $SONO

Key Points

• NewEdge Wealth purchased 248,708 Sonos shares worth approximately $3.37 million, representing about 0.21% of the company. Institutional investors collectively own 85.82% of Sonos.
• Sonos reported quarterly earnings of $0.27 per share, exceeding estimates of $0.04, while revenue rose 8.8% year over year to $375.26 million. Analysts expect full-year EPS of $0.69.
• Sonos shares opened at $16.05, below the analyst consensus price target of $20.00; the stock has a consensus “Hold” rating, with two Buy and three Hold recommendations.

NewEdge Wealth LLC purchased a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 248,708 shares of the company's stock, valued at approximately $3,365,000. NewEdge Wealth LLC owned approximately 0.21% of Sonos as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Hantz Financial Services Inc. increased its holdings in shares of Sonos by 307.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company's stock worth $31,000 after purchasing an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Sonos by 699.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company's stock valued at $36,000 after acquiring an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Sonos during the fourth quarter worth about $50,000. Quarry LP grew its holdings in shares of Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company's stock worth $51,000 after purchasing an additional 2,696 shares in the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Sonos in the fourth quarter worth approximately $64,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Sonos Stock Down 1.4%

Shares of SONO opened at $16.05 on Friday. The stock has a market capitalization of $1.90 billion, a P/E ratio of 35.67 and a beta of 1.95. Sonos, Inc. has a twelve month low of $12.44 and a twelve month high of $19.82. The firm has a fifty day simple moving average of $14.90 and a two-hundred day simple moving average of $14.78.

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

Insider Buying and Selling

In related news, Director Julius Genachowski sold 19,855 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $17.00, for a total value of $337,535.00. Following the completion of the sale, the director owned 53,775 shares of the company's stock, valued at $914,175. This trade represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by insiders.

Analysts Set New Price Targets

SONO has been the topic of several recent research reports. Weiss Ratings upgraded Sonos from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 13th. Wall Street Zen upgraded Sonos from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Sonos in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Sonos presently has a consensus rating of "Hold" and a consensus target price 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.

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