Meitav Investment House Ltd. raised its position in Sonos, Inc. (NASDAQ:SONO – Free Report) by 1.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 210,589 shares of the company’s stock after acquiring an additional 2,693 shares during the quarter. Meitav Investment House Ltd. owned approximately 0.16% of Sonos worth $3,383,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. raised its stake in Sonos by 9.0% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,381 shares of the company’s stock valued at $970,000 after acquiring an additional 2,830 shares during the period. US Bancorp DE grew its position in shares of Sonos by 30.9% during the 1st quarter. US Bancorp DE now owns 4,646 shares of the company’s stock worth $131,000 after purchasing an additional 1,098 shares in the last quarter. Citigroup Inc. lifted its position in shares of Sonos by 60.1% during the 1st quarter. Citigroup Inc. now owns 152,623 shares of the company’s stock valued at $4,307,000 after acquiring an additional 57,289 shares during the period. MetLife Investment Management LLC increased its holdings in Sonos by 62.3% in the 1st quarter. MetLife Investment Management LLC now owns 67,650 shares of the company’s stock valued at $1,909,000 after buying an additional 25,963 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of Sonos by 162.6% during the 1st quarter. Rhumbline Advisers now owns 325,035 shares of the company’s stock worth $9,172,000 after acquiring an additional 201,273 shares in the last quarter. Institutional investors own 84.26% of the company’s stock.
Insider Buying and Selling
In other Sonos news, CEO Patrick Spence sold 45,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $13.41, for a total transaction of $603,450.00. Following the completion of the sale, the chief executive officer now owns 925,869 shares in the company, valued at approximately $12,415,903.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.13% of the stock is owned by company insiders.
Sonos Trading Up 10.2 %
Analysts Set New Price Targets
A number of research analysts have recently commented on the stock. Craig Hallum assumed coverage on shares of Sonos in a report on Friday, September 8th. They issued a “buy” rating and a $20.00 target price for the company. DA Davidson boosted their price target on Sonos from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, August 10th. Bank of America lowered shares of Sonos from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $20.00 to $12.00 in a report on Tuesday, November 7th. Rosenblatt Securities reissued a “buy” rating and set a $20.00 target price on shares of Sonos in a report on Monday. Finally, TheStreet downgraded shares of Sonos from a “c-” rating to a “d+” rating in a research note on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.60.
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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