Engineers Gate Manager LP Sells 51,968 Shares of Sonos, Inc. $SONO

Engineers Gate Manager LP decreased its holdings in Sonos, Inc. (NASDAQ:SONO) by 21.4% during the second quarter, HoldingsChannel.com reports. The firm owned 190,780 shares of the company’s stock after selling 51,968 shares during the quarter. Engineers Gate Manager LP’s holdings in Sonos were worth $2,581,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SONO. Integrated Wealth Concepts LLC bought a new position in shares of Sonos in the second quarter worth about $75,000. Squarepoint Ops LLC bought a new stake in Sonos during the 2nd quarter valued at about $1,191,000. Allworth Financial LP lifted its holdings in Sonos by 13.9% during the 2nd quarter. Allworth Financial LP now owns 12,630 shares of the company’s stock valued at $171,000 after buying an additional 1,540 shares in the last quarter. Amundi boosted its position in Sonos by 36.4% in the 2nd quarter. Amundi now owns 47,353 shares of the company’s stock valued at $641,000 after buying an additional 12,649 shares during the period. Finally, California State Teachers Retirement System boosted its position in Sonos by 1,036.2% in the 2nd quarter. California State Teachers Retirement System now owns 1,555,950 shares of the company’s stock valued at $21,052,000 after buying an additional 1,419,010 shares during the period. 85.82% of the stock is currently owned by institutional investors.

Insider Transactions at Sonos

In other Sonos news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total transaction of $337,535.00. Following the completion of the sale, the director directly owned 53,775 shares of the company’s stock, valued at approximately $914,175. This represents a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $15.39, for a total transaction of $153,900.00. Following the completion of the sale, the director owned 84,271 shares in the company, valued at $1,296,930.69. This represents a 10.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.25% of the stock is owned by company insiders.

Sonos Stock Up 3.0%

Sonos stock opened at $15.58 on Tuesday. The firm has a market cap of $1.84 billion, a P/E ratio of 34.62 and a beta of 1.93. The business has a fifty day moving average of $15.30 and a two-hundred day moving average of $14.72. Sonos, Inc. has a twelve month low of $12.44 and a twelve month high of $19.82.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.04 by $0.23. The firm had revenue of $375.26 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.03) EPS. Equities analysts expect that Sonos, Inc. will post 0.69 earnings per share for the current year.

Analysts Set New Price Targets

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

Sonos Profile

Sonos, Inc (NASDAQ: SONO) develops and sells wireless audio products and related software for residential and commercial environments. Its product portfolio includes wireless speakers, portable speakers, soundbars, subwoofers, headphones and components designed for home theater and whole-home audio systems.

The company’s products are controlled through the Sonos app and can be connected across rooms, with support for music-streaming services, voice control and other smart-home features.