Sonos (NASDAQ:SONO) Reaches New 12-Month Low at $13.09

Sonos, Inc. (NASDAQ:SONO)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $13.09 and last traded at $13.14, with a volume of 1215975 shares. The stock had previously closed at $13.28.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on SONO shares. Bank of America dropped their price objective on Sonos from $23.70 to $20.00 in a research note on Thursday, August 10th. Craig Hallum initiated coverage on Sonos in a research report on Friday, September 8th. They issued a “buy” rating and a $20.00 price objective for the company. Finally, DA Davidson increased their price objective on Sonos from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Thursday, August 10th.

Sonos Price Performance

The firm has a 50-day moving average price of $15.17 and a two-hundred day moving average price of $17.07.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.17. Sonos had a negative return on equity of 2.77% and a negative net margin of 2.59%. The company had revenue of $373.36 million during the quarter, compared to analysts’ expectations of $340.67 million. On average, sell-side analysts anticipate that Sonos, Inc. will post 0.37 EPS for the current fiscal year.

Insider Activity at Sonos

In related news, insider Maxime Bouvat-Merlin sold 7,496 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $14.08, for a total value of $105,543.68. Following the completion of the transaction, the insider now directly owns 21,681 shares in the company, valued at $305,268.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 9,306 shares of company stock worth $135,391. 3.13% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SONO. Osaic Holdings Inc. raised its stake in Sonos by 19.9% during the second quarter. Osaic Holdings Inc. now owns 16,348 shares of the company’s stock worth $267,000 after acquiring an additional 2,711 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in shares of Sonos by 5.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 41,534 shares of the company’s stock valued at $678,000 after buying an additional 2,235 shares in the last quarter. Nuveen Asset Management LLC increased its stake in shares of Sonos by 0.5% in the second quarter. Nuveen Asset Management LLC now owns 828,144 shares of the company’s stock valued at $13,524,000 after buying an additional 4,272 shares in the last quarter. GTS Securities LLC acquired a new stake in shares of Sonos in the second quarter valued at $1,062,000. Finally, Alliancebernstein L.P. increased its stake in shares of Sonos by 0.7% in the second quarter. Alliancebernstein L.P. now owns 163,526 shares of the company’s stock valued at $2,670,000 after buying an additional 1,202 shares in the last quarter. 84.26% of the stock is currently owned by institutional investors and hedge funds.

Sonos Company Profile

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.