Petrus Trust Company LTA Takes Position in Sonos, Inc. $SONO

Key Points

• Petrus Trust Company LTA acquired 18,750 shares of Sonos, Inc. for approximately $200,000 in the first quarter.
• Multiple hedge funds have increased their stakes in Sonos, with Systematic Financial Management LP growing its position by 21.6% to 1,179,243 shares.
• Sonos reported a loss of $0.03 per share for the quarter, missing analyst estimates, while its revenue decreased by 13.2% year-over-year.

Petrus Trust Company LTA purchased a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,750 shares of the company's stock, valued at approximately $200,000.

Other hedge funds also recently bought and sold shares of the company. AlphaQuest LLC purchased a new stake in Sonos during the first quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Sonos during the fourth quarter valued at $103,000. Centaurus Financial Inc. purchased a new stake in Sonos during the fourth quarter valued at $108,000. Headlands Technologies LLC increased its position in Sonos by 38.8% during the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock valued at $83,000 after acquiring an additional 2,168 shares during the last quarter. Finally, State of Wyoming purchased a new stake in Sonos during the first quarter valued at $85,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Coliseum Capital Management, L purchased 675,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $11.25 per share, with a total value of $7,593,750.00. Following the completion of the purchase, the insider owned 14,505,191 shares in the company, valued at approximately $163,183,398.75. This represents a 4.88% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Thomas Conrad purchased 92,300 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $11.10 per share, with a total value of $1,024,530.00. Following the completion of the purchase, the chief executive officer owned 242,778 shares of the company's stock, valued at $2,694,835.80. The trade was a 61.34% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 2,298,481 shares of company stock worth $25,132,123. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Sonos Trading Up 1.2%

SONO traded up $0.18 on Monday, hitting $15.31. 763,058 shares of the company's stock traded hands, compared to its average volume of 1,994,292. The company's 50 day simple moving average is $12.33 and its 200-day simple moving average is $10.99. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of -23.61 and a beta of 2.17.

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

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.