Julius Genachowski Buys 22,850 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• Julius Genachowski acquired 22,850 shares of Sonos, Inc. at an average price of $10.95 per share, increasing his total holdings to 124,396 shares, valued at approximately $1.36 million.
• Sonos reported negative earnings of ($0.03) per share for the latest quarter, missing expectations, although its revenue of $344.76 million surpassed estimates.
• Institutional investors now own 85.82% of Sonos, with Coliseum Capital Management significantly increasing its position by over 50% in the last quarter.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) Director Julius Genachowski purchased 22,850 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average price of $10.95 per share, for a total transaction of $250,207.50. Following the acquisition, the director owned 124,396 shares in the company, valued at $1,362,136.20. This trade represents a 22.50% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Sonos Stock Down 1.5%

Shares of NASDAQ SONO traded down $0.20 during midday trading on Thursday, reaching $13.18. 2,316,862 shares of the stock were exchanged, compared to its average volume of 2,518,960. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -20.28 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 firm has a 50-day simple moving average of $10.85 and a two-hundred day simple moving average of $10.94.

Sonos (NASDAQ:SONO - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%. The firm had revenue of $344.76 million for the quarter, compared to analyst estimates of $324.66 million. During the same period in the previous year, the business earned $0.03 EPS. Sonos's revenue for the quarter was down 13.2% compared to the same quarter last year. Research analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SONO has been the topic of several research reports. Rosenblatt Securities raised their price objective on shares of Sonos from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Coliseum Capital Management LLC raised its holdings in shares of Sonos by 50.3% during the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock worth $161,440,000 after acquiring an additional 3,590,782 shares during the period. Freestone Grove Partners LP purchased a new position in shares of Sonos during the 4th quarter worth $18,125,000. Cooper Creek Partners Management LLC raised its holdings in shares of Sonos by 38.6% during the 2nd quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company's stock worth $45,876,000 after acquiring an additional 1,181,033 shares during the period. Trigran Investments Inc. raised its holdings in shares of Sonos by 24.0% during the 1st quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after acquiring an additional 1,017,223 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in shares of Sonos during the 4th quarter worth $13,057,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

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.