Sonos, Inc. (NASDAQ:SONO) Shares Bought by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. increased its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 6.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,600 shares of the company’s stock after buying an additional 1,400 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Sonos were worth $363,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SONO. Covestor Ltd lifted its holdings in shares of Sonos by 376.7% in the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after purchasing an additional 1,571 shares in the last quarter. Quest Partners LLC increased its position in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after purchasing an additional 2,819 shares in the last quarter. nVerses Capital LLC purchased a new stake in Sonos during the second quarter worth approximately $81,000. Quent Capital LLC purchased a new stake in Sonos during the 1st quarter worth $95,000. Finally, Centaurus Financial Inc. purchased a new position in Sonos in the 4th quarter valued at about $112,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Insider Activity at Sonos

In other news, insider Nicholas Millington sold 7,730 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $14.70, for a total transaction of $113,631.00. Following the completion of the transaction, the insider now directly owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Shamayne Braman sold 6,438 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the sale, the insider now directly owns 26,588 shares of the company’s stock, valued at $307,357.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Nicholas Millington sold 7,730 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $14.70, for a total value of $113,631.00. Following the completion of the sale, the insider now owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The disclosure for this sale can be found here. Insiders sold a total of 25,073 shares of company stock worth $346,129 in the last ninety days. 3.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Craig Hallum cut Sonos from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $10.00 in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.75.

Sonos Stock Up 3.0 %

SONO opened at $12.13 on Tuesday. The business has a fifty day simple moving average of $12.57 and a 200-day simple moving average of $15.42. The firm has a market cap of $1.49 billion, a PE ratio of -34.66 and a beta of 2.04. Sonos, Inc. has a fifty-two week low of $9.78 and a fifty-two week high of $19.76.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The business had revenue of $397.15 million during the quarter, compared to analyst estimates of $391.23 million. During the same period in the previous year, the company earned $0.02 EPS. The firm’s revenue was up 6.4% on a year-over-year basis. On average, equities research analysts anticipate that Sonos, Inc. will post 0.23 EPS for the current fiscal year.

Sonos Profile

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.