Systematic Financial Management LP Has $12.58 Million Position in Sonos, Inc. $SONO

Key Points

• Systematic Financial Management LP increased its stake in Sonos, Inc. by 21.6% in the first quarter, owning 1,179,243 shares worth approximately $12.58 million.
• Sonos reported a revenue of $344.76 million for the most recent quarter, which was above analysts' expectations, despite a 13.2% decline year-over-year.
• Insider transactions include CEO Thomas Conrad buying 92,300 shares at an average cost of $11.10, indicating confidence in the company's future performance.

Systematic Financial Management LP grew its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 21.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,179,243 shares of the company's stock after purchasing an additional 209,725 shares during the quarter. Systematic Financial Management LP owned approximately 0.99% of Sonos worth $12,583,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SONO. Coliseum Capital Management LLC raised its position in shares of Sonos by 50.3% in the fourth quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock valued at $161,440,000 after purchasing an additional 3,590,782 shares during the period. Freestone Grove Partners LP bought a new position in shares of Sonos in the fourth quarter valued at about $18,125,000. Trigran Investments Inc. raised its position in shares of Sonos by 24.0% in the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock valued at $56,006,000 after purchasing an additional 1,017,223 shares during the period. Point72 Asset Management L.P. bought a new position in shares of Sonos in the fourth quarter valued at about $13,057,000. Finally, Nuveen LLC bought a new position in shares of Sonos in the first quarter valued at about $5,067,000. 85.82% of the stock is owned by institutional investors.

Insider Activity at Sonos

In related news, CEO Thomas Conrad purchased 92,300 shares of Sonos stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $11.10 per share, for a total transaction of $1,024,530.00. Following the purchase, the chief executive officer owned 242,778 shares in the company, valued at approximately $2,694,835.80. This trade represents a 61.34% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Saori Casey purchased 22,727 shares of Sonos stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $10.94 per share, for a total transaction of $248,633.38. Following the completion of the purchase, the chief financial officer owned 107,000 shares in the company, valued at $1,170,580. This represents a 26.97% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 2,950,069 shares of company stock valued at $31,713,016. 1.80% of the stock is currently owned by company insiders.

Sonos Trading Up 0.5%

Sonos stock traded up $0.07 during trading hours on Thursday, reaching $14.01. 2,251,724 shares of the stock were exchanged, compared to its average volume of 2,018,973. The company has a market cap of $1.69 billion, a P/E ratio of -21.55 and a beta of 2.04. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89. The stock has a 50 day moving average of $11.41 and a two-hundred day moving average of $10.90.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The company's quarterly revenue was down 13.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 earnings per share. On average, analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SONO shares. Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $17.00 price target on shares of Sonos in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Sonos presently has a consensus rating of "Hold" and a consensus price target 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.