Pallas Capital Advisors LLC Makes New Investment in Sonos, Inc. $SONO

Key Points

• Pallas Capital Advisors LLC has made a new investment in Sonos, buying 16,417 shares valued at approximately $177,000.
• Sonos reported a net revenue decrease of 13.2% year-over-year, with a quarterly revenue of $344.76 million, although it exceeded analysts' expectations of $324.66 million.
• Insiders at Sonos have recently increased their holdings, with the CFO and a Director both acquiring additional shares, demonstrating confidence in the company's future.

Pallas Capital Advisors LLC bought 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 fund bought 16,417 shares of the company's stock, valued at approximately $177,000.

A number of other hedge funds have also added to or reduced their stakes in SONO. Coliseum Capital Management LLC increased its holdings in Sonos by 9.7% in the first quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock worth $125,645,000 after purchasing an additional 1,041,569 shares in the last quarter. Trigran Investments Inc. increased its holdings in shares of Sonos by 24.0% during the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock valued at $56,006,000 after acquiring an additional 1,017,223 shares in the last quarter. Nuveen LLC bought a new stake in shares of Sonos during the first quarter valued at approximately $5,067,000. Jones Financial Companies Lllp increased its holdings in shares of Sonos by 22,701.2% during the first quarter. Jones Financial Companies Lllp now owns 353,190 shares of the company's stock valued at $3,769,000 after acquiring an additional 351,641 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Sonos by 10.6% during the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock valued at $54,957,000 after acquiring an additional 351,057 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Stock Down 0.1%

Shares of NASDAQ:SONO opened at $15.56 on Tuesday. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -23.94 and a beta of 2.17. Sonos, Inc. has a 12-month low of $7.63 and a 12-month high of $15.89. The business's 50 day moving average is $12.89 and its 200 day moving average is $11.09.

Sonos (NASDAQ:SONO - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $344.76 million for 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 firm's quarterly revenue was down 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. As a group, equities research analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current year.

Insiders Place Their Bets

In other Sonos news, CFO Saori Casey acquired 22,727 shares of the business's stock in a transaction on Friday, August 8th. The shares were acquired at an average price of $10.94 per share, with a total value of $248,633.38. Following the completion of the transaction, the chief financial officer owned 107,000 shares in the company, valued at approximately $1,170,580. This trade represents a 26.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Julius Genachowski acquired 22,850 shares of the business's stock in a transaction on Friday, August 8th. The stock was acquired at an average cost of $10.95 per share, for a total transaction of $250,207.50. Following the transaction, the director owned 124,396 shares of the company's stock, valued at approximately $1,362,136.20. The trade was a 22.50% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 1,875,053 shares of company stock worth $20,886,926 in the last ninety days. Company insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

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

About Sonos

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.

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