SCS Capital Management LLC Buys Shares of 115,183 Sonos, Inc. $SONO

Key Points

• SCS Capital Management LLC purchased 115,183 shares of Sonos, Inc., valued at approximately $1.23 million, increasing its stake to 0.10% of the company.
• Sonos reported a net loss of $0.03 earnings per share for the last quarter, which missed analysts' estimates, despite revenue exceeding projections.
• Institutional investors and hedge funds now own about 85.82% of Sonos, indicating strong interest from major market players.

SCS Capital Management LLC bought a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 115,183 shares of the company's stock, valued at approximately $1,229,000. SCS Capital Management LLC owned approximately 0.10% of Sonos at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC acquired a new position in Sonos during the 1st quarter worth $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Sonos during the 4th quarter worth $103,000. Centaurus Financial Inc. acquired a new position in Sonos during the 4th quarter worth $108,000. Headlands Technologies LLC grew its stake in Sonos by 38.8% during the 1st quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after purchasing an additional 2,168 shares in the last quarter. Finally, State of Wyoming acquired a new position in Sonos during the 1st quarter worth $85,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Sonos Stock Performance

NASDAQ:SONO opened at $14.68 on Thursday. The stock has a 50-day simple moving average of $12.17 and a 200-day simple moving average of $10.99. The stock has a market cap of $1.77 billion, a P/E ratio of -22.58 and a beta of 2.17. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.89.

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 analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $344.76 million during the quarter, compared to analyst estimates 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 revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. On average, equities research analysts predict that Sonos, Inc. will post -0.37 EPS for the current year.

Insider Transactions at Sonos

In other news, major shareholder Coliseum Capital Management, L bought 55,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $11.21 per share, with a total value of $616,550.00. Following the transaction, the insider directly owned 14,930,280 shares in the company, valued at $167,368,438.80. This trade represents a 0.37% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Julius Genachowski bought 22,850 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $10.95 per share, with a total value of $250,207.50. Following the completion of the transaction, the director owned 124,396 shares in the company, valued at approximately $1,362,136.20. This trade represents a 22.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 2,710,069 shares of company stock valued at $29,262,616 in the last 90 days. Company insiders own 1.80% of the company's stock.

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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