Sonos (NASDAQ:SONO) Hits New 52-Week High - Here's What Happened

Key Points

• Sonos, Inc. shares reached a new 52-week high of $15.95 during trading, with a last price of $15.82, indicating positive market performance.
• Research analysts have mixed ratings on Sonos stock, with two analysts rating it as a Buy and one as a Sell, while the overall average rating remains a Hold with a target price of $13.67.
• Insider trading activity included CEO Thomas Conrad purchasing 92,300 shares at $11.10 each, increasing his stake by over 61%, which reflects strong insider confidence in the company's future.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $15.95 and last traded at $15.82, with a volume of 213958 shares trading hands. The stock had previously closed at $15.56.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Rosenblatt Securities reiterated a "buy" rating and issued a $17.00 price target on shares of Sonos in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $13.67.

Sonos Price Performance

The firm has a market capitalization of $1.88 billion, a P/E ratio of -23.89 and a beta of 2.17. The firm's 50 day moving average is $12.89 and its two-hundred day moving average is $11.09.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly 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 for the quarter, compared to the consensus estimate of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The business's revenue for the quarter was down 13.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. Analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Thomas Conrad bought 92,300 shares of the stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $11.10 per share, for a total transaction of $1,024,530.00. Following the acquisition, the chief executive officer directly owned 242,778 shares in the company, valued at approximately $2,694,835.80. This trade represents a 61.34% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Julius Genachowski bought 22,850 shares of the stock in a transaction dated Friday, August 8th. The shares were bought at an average price of $10.95 per share, for a total transaction of $250,207.50. Following the completion of the acquisition, the director owned 124,396 shares in the company, valued at approximately $1,362,136.20. The trade was a 22.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 1,875,053 shares of company stock worth $20,886,926 over the last quarter. Company insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SONO. Thrivent Financial for Lutherans boosted its position in shares of Sonos by 1.0% in the second quarter. Thrivent Financial for Lutherans now owns 88,302 shares of the company's stock worth $955,000 after buying an additional 833 shares during the period. Centaurus Financial Inc. boosted its position in shares of Sonos by 9.0% in the second quarter. Centaurus Financial Inc. now owns 10,375 shares of the company's stock worth $112,000 after buying an additional 856 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Sonos by 1.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company's stock worth $1,030,000 after buying an additional 1,033 shares during the period. Fox Run Management L.L.C. boosted its position in shares of Sonos by 10.1% in the first quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company's stock worth $132,000 after buying an additional 1,128 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position in shares of Sonos by 65.6% in the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company's stock worth $35,000 after buying an additional 1,269 shares during the period. 85.82% of the stock is currently 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.

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