Sonos, Inc. $SONO Holdings Raised by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its Sonos stake by 27% in the first quarter, owning 2.38 million shares worth approximately $31.9 million. Institutional investors collectively hold 85.82% of SONO shares.
• Analyst sentiment remains mixed: Sonos has a consensus “Hold” rating and an average price target of $20, although Rosenblatt Securities reiterated a “Buy” rating with a $21 target.
• Director Julius Genachowski sold 19,855 shares at an average price of $17 under a pre-arranged trading plan. Sonos shares opened at $16.42, compared with a one-year range of $10.11 to $19.82.

Dimensional Fund Advisors LP boosted its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 27.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,384,430 shares of the company's stock after buying an additional 506,566 shares during the period. Dimensional Fund Advisors LP owned 1.97% of Sonos worth $31,949,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of Sonos by 22.4% during the first quarter. AQR Capital Management LLC now owns 51,169 shares of the company's stock valued at $546,000 after acquiring an additional 9,355 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sonos by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company's stock valued at $768,000 after purchasing an additional 3,483 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Sonos by 38.5% during the 1st quarter. Intech Investment Management LLC now owns 151,152 shares of the company's stock valued at $1,613,000 after purchasing an additional 42,006 shares during the period. Strs Ohio acquired a new position in shares of Sonos during the 1st quarter valued at $147,000. Finally, Norges Bank bought a new stake in shares of Sonos in the 2nd quarter worth $289,000. 85.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Transactions at Sonos

In other news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction on 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 $914,175. This represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Price Performance

Shares of SONO opened at $16.42 on Wednesday. Sonos, Inc. has a one year low of $10.11 and a one year high of $19.82. The company has a 50-day moving average of $14.86 and a two-hundred day moving average of $14.72. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 36.49 and a beta of 1.95.

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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