Thomas Conrad Buys 92,300 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• CEO Thomas Conrad of Sonos, Inc. purchased 92,300 shares at $11.10 each, increasing his ownership by 61.34% to a total of 242,778 shares.
• Sonos reported (-0.03) EPS for the last quarter, missing estimates, while showing revenue down 13.2% year-over-year at $344.76 million.
• Equities analysts have recently upgraded Sonos from a "sell" to a "hold" rating, with Rosenblatt Securities raising its price target from $15.00 to $17.00.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) CEO Thomas Conrad purchased 92,300 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $11.10 per share, for a total transaction of $1,024,530.00. Following the completion of the purchase, the chief executive officer directly owned 242,778 shares in the company, valued at $2,694,835.80. This represents a 61.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Sonos Stock Performance

NASDAQ SONO traded down $0.20 during trading on Thursday, reaching $13.18. The company's stock had a trading volume of 2,316,862 shares, 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 business's fifty day moving average price is $10.85 and its 200-day moving average price is $10.94.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $344.76 million during 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 revenue was down 13.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. As a group, sell-side analysts forecast that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on SONO. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Rosenblatt Securities lifted their price objective on shares of Sonos from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday, August 7th.

Institutional Trading of Sonos

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PDT Partners LLC boosted its holdings in shares of Sonos by 111.2% in the second quarter. PDT Partners LLC now owns 719,504 shares of the company's stock valued at $7,778,000 after acquiring an additional 378,834 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of Sonos by 1.6% in the second quarter. California State Teachers Retirement System now owns 111,685 shares of the company's stock valued at $1,207,000 after acquiring an additional 1,796 shares in the last quarter. Quantinno Capital Management LP purchased a new stake in shares of Sonos in the second quarter valued at about $398,000. Sei Investments Co. boosted its holdings in shares of Sonos by 9.7% in the second quarter. Sei Investments Co. now owns 331,413 shares of the company's stock valued at $3,583,000 after acquiring an additional 29,430 shares in the last quarter. Finally, Integrated Investment Consultants LLC purchased a new stake in shares of Sonos in the second quarter valued at about $139,000. 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.