Squarepoint Ops LLC Acquires New Position in Sonos, Inc. $SONO

Key Points

• Squarepoint Ops LLC acquired 88,021 Sonos shares in the second quarter, valued at approximately $1.19 million and representing about 0.07% of the company. Institutional investors collectively own 85.82% of Sonos.
• Sonos reported quarterly earnings of $0.27 per share, exceeding the $0.04 consensus estimate, while revenue rose 8.8% year over year to $375.26 million.
• Analysts maintain an average “Hold” rating with a $20.00 price target, compared with shares trading at $15.60; two directors also sold shares under pre-arranged trading plans.

Squarepoint Ops LLC bought a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 88,021 shares of the company's stock, valued at approximately $1,191,000. Squarepoint Ops LLC owned approximately 0.07% of Sonos at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its holdings in Sonos by 13.9% during the second quarter. Allworth Financial LP now owns 12,630 shares of the company's stock valued at $171,000 after purchasing an additional 1,540 shares in the last quarter. Amundi raised its position in shares of Sonos by 36.4% during the 2nd quarter. Amundi now owns 47,353 shares of the company's stock valued at $641,000 after purchasing an additional 12,649 shares during the period. Centaurus Financial Inc. bought a new stake in shares of Sonos during the 2nd quarter valued at $128,000. Formula Growth Ltd. purchased a new position in shares of Sonos during the 2nd quarter valued at $676,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Sonos during the 2nd quarter valued at $841,000. Institutional investors own 85.82% of the company's stock.

Sonos Price Performance

Shares of SONO opened at $15.60 on Thursday. Sonos, Inc. has a 1 year low of $12.44 and a 1 year high of $19.82. The company has a 50 day simple moving average of $15.37 and a two-hundred day simple moving average of $14.72. The firm has a market cap of $1.85 billion, a P/E ratio of 34.67 and a beta of 1.93.

Sonos (NASDAQ:SONO - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.04 by $0.23. Sonos had a net margin of 3.82% and a return on equity of 19.10%. The firm had revenue of $375.26 million for the quarter, compared to the consensus estimate of $365.65 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The company's quarterly revenue was up 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Sonos, Inc. will post 0.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Weiss Ratings upgraded Sonos from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 13th. Rosenblatt Securities restated a "buy" rating and issued a $21.00 price objective on shares of Sonos in a research report on Thursday, July 30th. Finally, Wall Street Zen lowered Sonos from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $20.00.

Insiders Place Their Bets

In other Sonos news, Director Karen Boone sold 10,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $15.39, for a total transaction of $153,900.00. Following the completion of the transaction, the director owned 84,271 shares of the company's stock, valued at $1,296,930.69. This represents a 10.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julius Genachowski sold 19,855 shares of the firm's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the transaction, the director owned 53,775 shares of the company's stock, valued at approximately $914,175. The trade was a 26.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company's stock.

About Sonos

Sonos, Inc NASDAQ: SONO develops and sells wireless audio products and related software for residential and commercial environments. Its product portfolio includes wireless speakers, portable speakers, soundbars, subwoofers, headphones and components designed for home theater and whole-home audio systems.

The company's products are controlled through the Sonos app and can be connected across rooms, with support for music-streaming services, voice control and other smart-home features.

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