Pacer Advisors Inc. Buys Shares of 363,150 Sonos, Inc. $SONO

Key Points

• Pacer Advisors acquired 363,150 Sonos shares worth approximately $4.87 million, representing about 0.30% of the company.
• Institutional investors own 85.82% of Sonos, with Vanguard, Arrowstreet Capital, BNP Paribas, Crestwood Capital and Systematic Financial Management among firms increasing their positions.
• Sonos shares opened at $15.92, while analysts maintained an overall “Hold” consensus and an average price target of $20.00; Rosenblatt Securities reiterated a “Buy” rating with a $21 target.

Pacer Advisors Inc. purchased a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 363,150 shares of the company's stock, valued at approximately $4,866,000. Pacer Advisors Inc. owned about 0.30% of Sonos as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Sonos by 2.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company's stock valued at $44,319,000 after buying an additional 90,997 shares during the period. Vanguard Group Inc. boosted its holdings in Sonos by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company's stock valued at $244,704,000 after acquiring an additional 204,934 shares during the period. BNP Paribas Financial Markets boosted its holdings in Sonos by 46.2% during the 4th quarter. BNP Paribas Financial Markets now owns 951,810 shares of the company's stock valued at $16,714,000 after acquiring an additional 300,735 shares during the period. Crestwood Capital Management L.P. grew its position in Sonos by 54.5% in the 4th quarter. Crestwood Capital Management L.P. now owns 950,000 shares of the company's stock valued at $16,682,000 after acquiring an additional 335,000 shares in the last quarter. Finally, Systematic Financial Management LP grew its position in Sonos by 10.7% in the 1st quarter. Systematic Financial Management LP now owns 1,306,859 shares of the company's stock valued at $17,512,000 after acquiring an additional 126,760 shares in the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sonos

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the sale, the director directly owned 53,775 shares of the company's stock, valued at approximately $914,175. This represents a 26.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.25% of the company's stock.

Sonos Stock Performance

SONO stock opened at $15.92 on Thursday. The company's 50 day moving average price is $14.85 and its 200 day moving average price is $14.72. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 35.38 and a beta of 1.95. Sonos, Inc. has a fifty-two week low of $10.11 and a fifty-two week high of $19.82.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wall Street Zen raised shares of Sonos from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Weiss Ratings upgraded shares of Sonos from a "sell (d)" rating to a "hold (c-)" rating in a report on Thursday, July 30th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $21.00 target price on shares of Sonos in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.00.

About Sonos

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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