Vanguard Group Inc. Buys 204,934 Shares of Sonos, Inc. $SONO

Key Points

• Vanguard Group increased its Sonos position by 1.5% in the fourth quarter, buying 204,934 shares and bringing its total stake to 13,935,287 shares, or about 11.53% of the company.
• Sonos remains heavily owned by institutions, with hedge funds and other institutional investors holding 85.82% of the stock. Insider buying was also notable, including Coliseum Capital Management's purchase of 125,000 shares.
• The company recently reported better-than-expected earnings of $0.93 per share versus the $0.85 estimate, while revenue came in at $545.66 million. Analysts currently assign Sonos an average rating of Hold with a consensus target price of $20.00.

Vanguard Group Inc. boosted its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,935,287 shares of the company's stock after buying an additional 204,934 shares during the quarter. Vanguard Group Inc. owned approximately 11.53% of Sonos worth $244,704,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SONO. AQR Capital Management LLC lifted its holdings in 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 purchasing an additional 9,355 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sonos by 5.1% during the first 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 during the last quarter. Intech Investment Management LLC lifted its holdings in Sonos by 38.5% during the first 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 last quarter. Strs Ohio purchased a new stake in Sonos during the first quarter valued at about $147,000. Finally, Norges Bank purchased a new stake in Sonos during the second quarter valued at about $289,000. 85.82% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L bought 125,000 shares of the stock in a transaction that occurred on Tuesday, March 17th. The shares were acquired at an average cost of $13.57 per share, with a total value of $1,696,250.00. Following the completion of the purchase, the insider directly owned 18,070,762 shares of the company's stock, valued at $245,220,240.34. This trade represents a 0.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have purchased 2,407,459 shares of company stock valued at $35,349,436 over the last quarter. Company insiders own 1.25% of the company's stock.

Sonos Trading Up 1.1%

Shares of Sonos stock opened at $15.06 on Friday. Sonos, Inc. has a 12-month low of $9.65 and a 12-month high of $19.82. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 88.58 and a beta of 1.94. The company's 50-day moving average price is $14.03 and its 200-day moving average price is $15.88.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.08. Sonos had a net margin of 1.62% and a return on equity of 14.06%. The firm had revenue of $545.66 million for the quarter, compared to the consensus estimate of $536.93 million. During the same period in the prior year, the firm posted $0.64 earnings per share. The company's revenue for the quarter was down .9% on a year-over-year basis. On average, sell-side analysts predict that Sonos, Inc. will post 0.58 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on SONO. Morgan Stanley set a $18.00 price objective on shares of Sonos in a report on Wednesday, February 4th. Rosenblatt Securities reaffirmed a "buy" rating and set a $21.00 price objective on shares of Sonos in a report on Tuesday. Zacks Research downgraded shares of Sonos from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Weiss Ratings raised shares of Sonos from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday. Finally, Wall Street Zen downgraded shares of Sonos from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 2nd. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $20.00.

Sonos Company Profile

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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