Sonos (NASDAQ:SONO) Shares Gap Down to $17.58

Sonos, Inc. (NASDAQ:SONO - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $17.58, but opened at $16.30. Sonos shares last traded at $16.36, with a volume of 928,138 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on SONO shares. TheStreet raised shares of Sonos from a "d+" rating to a "c-" rating in a research note on Wednesday, February 14th. Rosenblatt Securities restated a "buy" rating and issued a $24.00 target price on shares of Sonos in a report on Monday, March 25th. Finally, Morgan Stanley raised their price objective on Sonos from $20.00 to $25.00 and gave the stock an "overweight" rating in a report on Wednesday, February 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.00.

Sonos Trading Down 4.2 %

The stock has a 50-day moving average of $18.15 and a two-hundred day moving average of $16.41. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -561.33 and a beta of 2.00.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.47 by $0.22. Sonos had a positive return on equity of 5.65% and a negative net margin of 0.28%. The business had revenue of $612.87 million during the quarter, compared to analysts' expectations of $588.96 million. Sell-side analysts expect that Sonos, Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity

In related news, insider Christopher Scott Mason sold 20,000 shares of Sonos stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $17.62, for a total value of $352,400.00. Following the completion of the transaction, the insider now directly owns 119,179 shares of the company's stock, valued at $2,099,933.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 22,715 shares of company stock worth $402,845. Company insiders own 3.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Hawk Ridge Capital Management LP boosted its holdings in Sonos by 382.6% in the 3rd quarter. Hawk Ridge Capital Management LP now owns 4,097,212 shares of the company's stock valued at $52,895,000 after purchasing an additional 3,248,148 shares during the period. Norges Bank acquired a new position in shares of Sonos during the 4th quarter worth $13,594,000. Wellington Management Group LLP raised its stake in Sonos by 26.7% during the third quarter. Wellington Management Group LLP now owns 2,741,356 shares of the company's stock worth $35,391,000 after acquiring an additional 576,939 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in Sonos in the fourth quarter valued at approximately $9,677,000. Finally, Trigran Investments Inc. boosted its holdings in shares of Sonos by 7.0% during the 3rd quarter. Trigran Investments Inc. now owns 6,698,433 shares of the company's stock valued at $86,477,000 after acquiring an additional 436,696 shares in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Company 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.