Sonos (NASDAQ:SONO) Given Buy Rating at Rosenblatt Securities

Key Points

• Rosenblatt Securities reiterated a "buy" rating for Sonos, with a price target of $17.00, indicating a potential upside of 29.38% based on the current stock price.
• Sonos reported quarterly earnings of ($0.03) per share, missing expectations, while revenues decreased 13.2% year-over-year.
• Major shareholder Coliseum Capital Management and CEO Thomas Conrad both made significant stock purchases recently, signaling confidence in the company's future performance.

Rosenblatt Securities restated their buy rating on shares of Sonos (NASDAQ:SONO - Free Report) in a research note published on Wednesday,Benzinga reports. They currently have a $17.00 price target on the stock.

Separately, Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Sonos presently has an average rating of "Hold" and an average target price of $13.67.

Sonos Trading Up 0.9%

SONO stock traded up $0.1250 during midday trading on Wednesday, hitting $13.3850. 647,191 shares of the company's stock were exchanged, compared to its average volume of 2,012,953. Sonos has a 12-month low of $7.63 and a 12-month high of $15.89. The firm has a 50 day moving average price of $11.20 and a 200-day moving average price of $10.86. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -20.59 and a beta of 2.04.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The business had revenue of $344.76 million for the quarter, compared to analysts' expectations of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.Sonos's revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 earnings per share. On average, sell-side 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 purchased 92,300 shares of the business's stock in a transaction dated 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 completion of the acquisition, the chief executive officer owned 242,778 shares in the company, valued at approximately $2,694,835.80. This represents a 61.34% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Coliseum Capital Management, L purchased 55,000 shares of the business's stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $11.21 per share, for a total transaction of $616,550.00. Following the acquisition, the insider owned 14,930,280 shares of the company's stock, valued at approximately $167,368,438.80. The trade was a 0.37% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 2,950,069 shares of company stock worth $31,713,016. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 purchasing an additional 1,033 shares in the last quarter. Fox Run Management L.L.C. grew its stake 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 purchasing an additional 1,128 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Sonos by 65.6% during the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company's stock valued at $35,000 after buying an additional 1,269 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Sonos by 1.1% during the second quarter. CANADA LIFE ASSURANCE Co now owns 123,265 shares of the company's stock valued at $1,332,000 after buying an additional 1,352 shares in the last quarter. Finally, Blueshift Asset Management LLC boosted its stake in Sonos by 11.4% during the first quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock valued at $143,000 after buying an additional 1,367 shares in the last quarter. 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.