Deutsche Bank AG Purchases New Holdings in Sonos, Inc. $SONO

Deutsche Bank AG acquired a new stake in shares of Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, HoldingsChannel reports. The firm acquired 176,113 shares of the company’s stock, valued at approximately $2,383,000.

Other hedge funds also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership grew its stake in shares of Sonos by 626.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock valued at $42,083,000 after purchasing an additional 2,296,996 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Sonos by 258.8% during the first quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock worth $22,867,000 after purchasing an additional 1,230,900 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in shares of Sonos by 250.8% during the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after purchasing an additional 996,425 shares during the period. OP Asset Management Ltd acquired a new stake in shares of Sonos during the first quarter worth $10,414,000. Finally, AQR Capital Management LLC increased its stake in Sonos by 1,472.4% in the 2nd quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock valued at $8,698,000 after buying an additional 753,414 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the company’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the sale, the director owned 53,775 shares of the company’s stock, valued at $914,175. This represents a 26.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by company insiders.

Sonos Trading Down 1.5%

Shares of Sonos stock opened at $15.10 on Friday. The company has a 50-day moving average of $14.95 and a two-hundred day moving average of $14.77. Sonos, Inc. has a 12-month low of $12.44 and a 12-month high of $19.82. The stock has a market cap of $1.79 billion, a PE ratio of 33.56 and a beta of 1.95.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.23. The business had revenue of $375.26 million during the quarter, compared to analysts’ expectations of $365.65 million. Sonos had a return on equity of 19.10% and a net margin of 3.82%.The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) earnings per share. On average, sell-side analysts forecast that Sonos, Inc. will post 0.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SONO. Weiss Ratings upgraded shares of Sonos from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 target price on shares of Sonos in a report on Thursday, July 30th. Finally, Wall Street Zen lowered shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Sonos currently has an average rating of “Hold” and an average target price of $20.00.

About Sonos

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.