Sonos (NASDAQ:SONO) Sees Strong Trading Volume

Sonos Inc (NASDAQ:SONO) saw unusually-strong trading volume on Friday . Approximately 8,450,979 shares were traded during mid-day trading, an increase of 537% from the previous session’s volume of 1,325,861 shares.The stock last traded at $11.34 and had previously closed at $11.14.

Several analysts have recently weighed in on SONO shares. Zacks Investment Research raised Sonos from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Wednesday, April 10th. DA Davidson started coverage on Sonos in a report on Monday, April 1st. They issued a “buy” rating and a $20.00 target price for the company. Finally, ValuEngine downgraded Sonos from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Sonos presently has a consensus rating of “Buy” and an average price target of $19.75.

The business’s 50-day moving average price is $10.81. The company has a quick ratio of 2.02, a current ratio of 2.58 and a debt-to-equity ratio of 0.10.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.13. The firm had revenue of $210.20 million for the quarter, compared to analysts’ expectations of $213.42 million. Sonos had a return on equity of 6.88% and a net margin of 0.85%. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year.

In related news, CFO Michael Giannetto sold 30,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $11.67, for a total value of $350,100.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Nicholas Millington sold 25,000 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $11.95, for a total value of $298,750.00. The disclosure for this sale can be found here. Insiders sold a total of 572,992 shares of company stock worth $6,092,946 in the last 90 days. 15.40% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its position in Sonos by 127.4% during the 1st quarter. JPMorgan Chase & Co. now owns 2,073,157 shares of the company’s stock worth $21,332,000 after purchasing an additional 1,161,411 shares during the period. Greenspring Associates Inc. acquired a new position in Sonos during the 4th quarter worth approximately $17,360,000. Spark Investment Management LLC increased its position in Sonos by 429.4% during the 1st quarter. Spark Investment Management LLC now owns 1,470,400 shares of the company’s stock worth $15,130,000 after purchasing an additional 1,192,658 shares during the period. BlackRock Inc. increased its position in Sonos by 1.7% during the 4th quarter. BlackRock Inc. now owns 990,232 shares of the company’s stock worth $9,724,000 after purchasing an additional 16,322 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in Sonos by 23.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 909,321 shares of the company’s stock worth $8,930,000 after purchasing an additional 174,714 shares during the period. Hedge funds and other institutional investors own 58.27% of the company’s stock.

Sonos Company Profile (NASDAQ:SONO)

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the United States and internationally. It provides wireless speakers, home theater speakers, and components. The company offers its products through third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its sonos.com Website.

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