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

Rosenblatt Securities restated their buy rating on shares of Sonos (NASDAQ:SONO) in a research report sent to investors on Friday,Benzinga reports. They currently have a $18.00 price target on the stock.

Sonos Stock Down 7.5 %

Shares of Sonos stock opened at $13.88 on Friday. Sonos has a 1 year low of $10.23 and a 1 year high of $19.76. The business has a fifty day simple moving average of $14.44 and a two-hundred day simple moving average of $13.19.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.22%. Sell-side analysts predict that Sonos will post -0.3 EPS for the current year.

Institutional Trading of Sonos

A number of institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in Sonos by 23.4% in the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after purchasing an additional 626,172 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Sonos by 7.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company’s stock worth $25,544,000 after buying an additional 119,595 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in Sonos by 0.9% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company’s stock valued at $25,134,000 after buying an additional 15,171 shares during the period. Barclays PLC raised its position in shares of Sonos by 120.3% in the 3rd quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after buying an additional 504,293 shares in the last quarter. Finally, Systematic Financial Management LP boosted its position in shares of Sonos by 19.0% during the 3rd quarter. Systematic Financial Management LP now owns 910,354 shares of the company’s stock worth $11,188,000 after acquiring an additional 145,091 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

About Sonos

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.