Saori Casey Buys 22,727 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• Saori Casey, CFO of Sonos, Inc., purchased 22,727 shares at an average price of $10.94, increasing her total ownership to 107,000 shares, valued at approximately $1.17 million.
• Sonos reported a quarterly earnings per share (EPS) of ($0.03), missing expectations, while their revenue for the same period was $344.76 million, exceeding estimates.
• Research analysts have upgraded Sonos' rating, with Rosenblatt Securities raising their price target from $15.00 to $17.00, indicating growing confidence in the company's prospects.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) CFO Saori Casey bought 22,727 shares of the stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $10.94 per share, for a total transaction of $248,633.38. Following the completion of the purchase, the chief financial officer directly owned 107,000 shares in the company, valued at approximately $1,170,580. This trade represents a 26.97% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Sonos Price Performance

SONO stock traded down $0.22 during mid-day trading on Friday, reaching $12.96. 2,337,844 shares of the company traded hands, compared to its average volume of 2,542,716. The company has a market capitalization of $1.57 billion, a P/E ratio of -19.94 and a beta of 2.04. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89. The company has a fifty day moving average price of $10.90 and a 200-day moving average price of $10.94.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. grew its holdings in shares of Sonos by 10.9% during the fourth quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company's stock worth $9,855,000 after purchasing an additional 64,241 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Sonos by 4.3% during the fourth quarter. Legal & General Group Plc now owns 359,565 shares of the company's stock worth $5,408,000 after purchasing an additional 14,743 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Sonos by 710.3% during the first quarter. GAMMA Investing LLC now owns 32,800 shares of the company's stock worth $350,000 after purchasing an additional 28,752 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Sonos by 62.3% during the first quarter. SG Americas Securities LLC now owns 66,277 shares of the company's stock worth $707,000 after purchasing an additional 25,438 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Sonos by 26.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 375,614 shares of the company's stock worth $5,649,000 after purchasing an additional 77,765 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on SONO shares. Rosenblatt Securities boosted their price objective on Sonos from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd.

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.