Sonos, Inc. $SONO Shares Sold by Two Seas Capital LP

Key Points

• Two Seas Capital LP reduced its stake in Sonos, Inc. by 18.5%, now holding 431,042 shares, making Sonos 0.1% of its investment portfolio.
• CEO Thomas Conrad and CFO Saori Casey both significantly increased their shareholdings in August, with Conrad acquiring 92,300 shares and Casey acquiring 22,727 shares.
• Sonos reported a quarterly revenue of $344.76 million, missing the earnings estimate but showing a revenue increase compared to expectations.

Two Seas Capital LP reduced its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 18.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 431,042 shares of the company's stock after selling 97,886 shares during the quarter. Sonos makes up 0.1% of Two Seas Capital LP's investment portfolio, making the stock its 16th biggest holding. Two Seas Capital LP owned about 0.36% of Sonos worth $4,599,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in SONO. AlphaQuest LLC acquired a new position in shares of Sonos during the 1st quarter worth about $29,000. Headlands Technologies LLC boosted its position in shares of 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 acquiring an additional 2,168 shares in the last quarter. State of Wyoming acquired a new position in shares of Sonos during the 1st quarter worth about $85,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Sonos during the 4th quarter worth about $103,000. Finally, Corient IA LLC acquired a new position in shares of Sonos during the 1st quarter worth about $107,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Thomas Conrad acquired 92,300 shares of the firm's stock in a transaction on Friday, August 8th. The stock was bought at an average cost of $11.10 per share, with a total value of $1,024,530.00. Following the transaction, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Saori Casey acquired 22,727 shares of the firm's stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $10.94 per share, with a total value of $248,633.38. Following the completion of the transaction, the chief financial officer directly owned 107,000 shares in the company, valued at $1,170,580. This trade represents a 26.97% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 2,950,069 shares of company stock valued at $31,713,016 over the last 90 days. Insiders own 1.80% of the company's stock.

Sonos Stock Performance

Sonos stock opened at $14.69 on Friday. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $15.89. The company has a market capitalization of $1.78 billion, a P/E ratio of -22.60 and a beta of 2.17. The stock has a 50-day simple moving average of $11.94 and a 200-day simple moving average of $10.92.

Sonos (NASDAQ:SONO - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Sonos had a negative net margin of 5.41% and a negative return on equity of 18.19%. The firm had revenue of $344.76 million during the quarter, compared to analysts' expectations of $324.66 million. During the same period in the previous 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, analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SONO. Rosenblatt Securities reaffirmed 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 report on Saturday, August 2nd. Two equities research 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 has a consensus rating of "Hold" and an average price target of $13.67.

Sonos Profile

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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