Sonos (NASDAQ:SONO) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a report released on Saturday, Zacks.com reports. The firm presently has a $25.00 price target on the stock. Zacks Investment Research's price target indicates a potential upside of 19.39% from the company's previous close.
According to Zacks, "Sonos, Inc. designs, develops and produces audio products. It offers charging cradles, music players, alternating current adapters, controllers, wireless speakers and loudspeakers. The company offers its products through third-party retail stores and e-commerce retailers, as well as through its sonos.com website. Sonos, Inc. is headquartered in Santa Barbara, California. "
SONO has been the subject of a number of other research reports. ValuEngine downgraded Sonos from a "buy" rating to a "hold" rating in a research note on Saturday. Morgan Stanley boosted their price target on Sonos from $20.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday. Stifel Nicolaus boosted their price target on Sonos from $11.00 to $16.00 and gave the company a "hold" rating in a research note on Thursday, August 6th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 price target on shares of Sonos in a research note on Monday, August 10th. Finally, Bank of America raised Sonos from a "neutral" rating to a "buy" rating and boosted their price target for the company from $17.50 to $18.00 in a research note on Thursday, October 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Sonos has a consensus rating of "Hold" and an average price target of $20.06.
SONO traded down $1.25 during trading on Friday, reaching $20.94. 20,234,462 shares of the stock were exchanged, compared to its average volume of 3,610,613. The stock has a market cap of $2.32 billion, a P/E ratio of -30.79, a price-to-earnings-growth ratio of 1.89 and a beta of 1.56. Sonos has a twelve month low of $6.58 and a twelve month high of $22.37. The stock's 50 day moving average price is $15.50 and its two-hundred day moving average price is $13.95. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.55 and a current ratio of 1.89.
Sonos (NASDAQ:SONO) last released its quarterly earnings data on Wednesday, November 18th. The company reported $0.15 EPS for the quarter, topping the Zacks' consensus estimate of $0.02 by $0.13. Sonos had a negative net margin of 5.32% and a negative return on equity of 12.52%. Equities research analysts predict that Sonos will post -0.05 earnings per share for the current fiscal year.
In related news, Director Julius Genachowski sold 30,000 shares of the business's stock in a transaction on Thursday, November 19th. The shares were sold at an average price of $21.27, for a total value of $638,100.00. Following the transaction, the director now owns 67,622 shares in the company, valued at $1,438,319.94. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Patrick Spence sold 18,726 shares of the business's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $15.03, for a total transaction of $281,451.78. Following the completion of the transaction, the chief executive officer now owns 116,768 shares in the company, valued at approximately $1,755,023.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,726 shares of company stock worth $1,174,552. Insiders own 11.20% of the company's stock.
Hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. acquired a new position in shares of Sonos in the 2nd quarter valued at about $27,000. Signaturefd LLC raised its position in shares of Sonos by 4,166.7% in the second quarter. Signaturefd LLC now owns 2,560 shares of the company's stock valued at $37,000 after purchasing an additional 2,500 shares during the period. Creative Financial Designs Inc. ADV bought a new stake in shares of Sonos in the third quarter valued at approximately $41,000. Steward Partners Investment Advisory LLC grew its stake in Sonos by 375.9% during the second quarter. Steward Partners Investment Advisory LLC now owns 3,165 shares of the company's stock valued at $46,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Advisor Group Holdings Inc. purchased a new position in Sonos during the first quarter valued at approximately $56,000. Institutional investors and hedge funds own 66.47% of the company's stock.
Sonos Company Profile
Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It 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 sonos.com.
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