OMERS ADMINISTRATION Corp Acquires New Shares in Sonos, Inc. $SONO

Key Points

• OMERS Administration Corp acquired 179,242 Sonos shares worth approximately $2.43 million in the second quarter, joining other institutional investors that increased their holdings. Institutions and hedge funds collectively own 85.82% of Sonos.
• Analyst sentiment remains mixed: Sonos has an overall “Hold” rating, with an average price target of $20.00. Rosenblatt Securities maintained a “Buy” rating and a $21 target.
• Sonos exceeded quarterly expectations, reporting $0.27 in earnings per share versus the $0.04 consensus estimate and revenue of $375.26 million, up 8.8% year over year.

OMERS ADMINISTRATION Corp acquired a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 179,242 shares of the company's stock, valued at approximately $2,425,000. OMERS ADMINISTRATION Corp owned approximately 0.15% of Sonos at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SONO. BlackRock Inc. acquired a new position in Sonos during the 2nd quarter worth $248,067,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Sonos by 626.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company's stock worth $42,083,000 after acquiring an additional 2,296,996 shares during the period. Renaissance Technologies LLC lifted its position in Sonos by 258.8% in the first quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company's stock worth $22,867,000 after purchasing an additional 1,230,900 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in shares of Sonos by 250.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company's stock worth $15,066,000 after acquiring an additional 996,425 shares during the period. Finally, OP Asset Management Ltd bought a new stake in shares of Sonos in the 1st quarter valued at approximately $10,414,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SONO has been the topic of several analyst reports. Wall Street Zen lowered shares of Sonos from a "strong-buy" rating to a "buy" rating in a report on Saturday. Weiss Ratings upgraded Sonos from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 13th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $21.00 price objective on shares of Sonos in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $20.00.

Insider Activity at Sonos

In related news, Director Julius Genachowski sold 19,855 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $914,175. This represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is currently owned by company insiders.

Sonos Stock Performance

Shares of SONO stock opened at $15.29 on Wednesday. Sonos, Inc. has a 52-week low of $12.44 and a 52-week high of $19.82. The stock has a market cap of $1.81 billion, a PE ratio of 33.98 and a beta of 1.95. The firm's 50 day moving average price is $14.92 and its two-hundred day moving average price is $14.79.

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

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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