Maryland State Retirement & Pension System Makes New $1.45 Million Investment in Sonos, Inc. (NASDAQ:SONO)

Maryland State Retirement & Pension System bought a new position in Sonos, Inc. (NASDAQ:SONOGet Rating) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 51,376 shares of the company’s stock, valued at approximately $1,450,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. KRS Capital Management LLC bought a new stake in shares of Sonos during the 4th quarter valued at about $35,000. National Bank of Canada FI bought a new stake in shares of Sonos during the 4th quarter valued at about $40,000. Spire Wealth Management boosted its position in shares of Sonos by 824.0% during the 4th quarter. Spire Wealth Management now owns 1,848 shares of the company’s stock valued at $55,000 after purchasing an additional 1,648 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Sonos by 255.1% during the 4th quarter. Geneos Wealth Management Inc. now owns 2,088 shares of the company’s stock valued at $62,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Canton Hathaway LLC bought a new stake in shares of Sonos during the 4th quarter valued at about $89,000. 91.37% of the stock is owned by institutional investors and hedge funds.

In other Sonos news, CEO Patrick Spence sold 65,237 shares of the stock in a transaction on Monday, April 18th. The stock was sold at an average price of $25.67, for a total transaction of $1,674,633.79. Following the completion of the transaction, the chief executive officer now directly owns 668,969 shares of the company’s stock, valued at $17,172,434.23. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joanna Coles sold 905 shares of the stock in a transaction on Monday, April 4th. The shares were sold at an average price of $27.71, for a total value of $25,077.55. Following the transaction, the director now directly owns 24,717 shares of the company’s stock, valued at $684,908.07. The disclosure for this sale can be found here. Insiders have sold 67,047 shares of company stock valued at $1,720,246 over the last ninety days. 3.60% of the stock is currently owned by company insiders.

A number of research analysts recently weighed in on SONO shares. Morgan Stanley downgraded Sonos from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $38.00 to $28.00 in a research note on Tuesday, June 14th. TheStreet downgraded Sonos from a “b-” rating to a “c” rating in a research note on Wednesday, May 11th. DA Davidson lowered their price objective on Sonos from $49.00 to $40.00 in a research note on Thursday, May 12th. Finally, Jefferies Financial Group lowered their price objective on Sonos from $45.00 to $35.00 in a research note on Tuesday, May 31st.

Shares of SONO opened at $19.36 on Thursday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 1.91 and a beta of 1.86. The stock has a 50 day moving average of $21.95 and a 200 day moving average of $25.47. Sonos, Inc. has a 12 month low of $18.16 and a 12 month high of $42.57.

Sonos (NASDAQ:SONOGet Rating) last issued its quarterly earnings results on Wednesday, May 11th. The company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $399.78 million during the quarter, compared to the consensus estimate of $361.40 million. Sonos had a return on equity of 32.39% and a net margin of 7.83%. During the same period last year, the business posted $0.31 earnings per share. Sell-side analysts anticipate that Sonos, Inc. will post 1.09 EPS for the current year.

Sonos Company Profile (Get Rating)

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It 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 sonos.com.

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Institutional Ownership by Quarter for Sonos (NASDAQ:SONO)

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