Sonos (NASDAQ:SONO) Earns Sell (D-) Rating from Weiss Ratings

Sonos (NASDAQ:SONO - Get Free Report)'s stock had its "sell (d-)" rating restated by Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

A number of other analysts have also recently commented on SONO. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 target price on shares of Sonos in a research report on Wednesday, August 20th. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $15.00.

Sonos Stock Performance

SONO opened at $18.04 on Wednesday. The business's 50-day simple moving average is $14.18 and its 200-day simple moving average is $11.49. Sonos has a one year low of $7.63 and a one year high of $18.06. The stock has a market capitalization of $2.18 billion, a P/E ratio of -27.75 and a beta of 2.26.

Sonos (NASDAQ:SONO - Get Free Report) last posted its earnings results 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 quarter last year, the firm posted $0.03 EPS. The firm's revenue for the quarter was down 13.2% on a year-over-year basis. On average, equities research analysts forecast that Sonos will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other Sonos news, CEO Thomas Conrad acquired 92,300 shares of the stock in a transaction on Friday, August 8th. The shares were bought at an average price of $11.10 per share, with a total value of $1,024,530.00. Following the acquisition, the chief executive officer owned 242,778 shares of the company's stock, valued at $2,694,835.80. This trade represents a 61.34% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Saori Casey acquired 22,727 shares of the stock in a transaction on Friday, August 8th. The stock was acquired at an average cost of $10.94 per share, for a total transaction of $248,633.38. Following the acquisition, the chief financial officer directly owned 107,000 shares in the company, valued at $1,170,580. This represents a 26.97% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 1,875,053 shares of company stock worth $20,886,926 over the last quarter. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonos

Institutional investors have recently modified their holdings of the company. AlphaQuest LLC purchased a new stake in shares of Sonos during the 1st quarter worth approximately $29,000. Nisa Investment Advisors LLC boosted its stake in shares of Sonos by 65.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company's stock worth $35,000 after acquiring an additional 1,269 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Sonos by 222.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company's stock worth $40,000 after acquiring an additional 2,563 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Sonos by 96.3% during the 2nd quarter. GAMMA Investing LLC now owns 6,035 shares of the company's stock worth $65,000 after acquiring an additional 2,961 shares in the last quarter. Finally, Headlands Technologies LLC boosted its stake in shares of Sonos by 38.8% during the 1st quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after acquiring an additional 2,168 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

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.

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