Sonos (NASDAQ:SONO) Rating Increased to Buy at ValuEngine

Sonos (NASDAQ:SONO) was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, ValuEngine reports.

SONO has been the topic of a number of other reports. Raymond James upgraded Sonos from an “outperform” rating to a “strong-buy” rating and set a $19.00 price target on the stock in a report on Monday. Zacks Investment Research lowered Sonos from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $19.13.

Shares of Sonos stock opened at $13.64 on Tuesday. The firm has a market cap of $1.27 billion and a price-to-earnings ratio of -56.83. The stock’s 50-day moving average is $11.11 and its 200-day moving average is $10.94. Sonos has a one year low of $9.23 and a one year high of $22.18. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.06 and a quick ratio of 1.62.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.10. The company had revenue of $260.12 million for the quarter, compared to analyst estimates of $245.54 million. Sonos had a return on equity of 8.69% and a net margin of 1.86%. The company’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.45) earnings per share.

In related news, insider Nicholas Millington sold 8,107 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $11.47, for a total transaction of $92,987.29. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 15.40% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SONO. Frontier Wealth Management LLC grew its position in Sonos by 13.0% during the second quarter. Frontier Wealth Management LLC now owns 51,750 shares of the company’s stock worth $587,000 after buying an additional 5,950 shares in the last quarter. Tenzing Global Management LLC acquired a new stake in Sonos during the second quarter worth approximately $5,387,000. Nuveen Asset Management LLC acquired a new stake in Sonos during the second quarter worth approximately $16,102,000. D. E. Shaw & Co. Inc. grew its position in Sonos by 216.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 208,925 shares of the company’s stock worth $2,369,000 after buying an additional 143,004 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in Sonos by 167.0% during the second quarter. Point72 Asset Management L.P. now owns 71,849 shares of the company’s stock worth $815,000 after buying an additional 44,938 shares in the last quarter. Institutional investors and hedge funds own 60.25% of the company’s stock.

Sonos Company Profile

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.

Read More: What is the strike price in options trading?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Sonos (NASDAQ:SONO)

Receive News & Ratings for Sonos Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonos and related companies with MarketBeat.com's FREE daily email newsletter.