Pacer Advisors Inc. Invests $4.87 Million in Sonos, Inc. $SONO

Pacer Advisors Inc. bought a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 363,150 shares of the company’s stock, valued at approximately $4,866,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its stake in Sonos by 626.8% in the third 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 lifted its position in shares of Sonos by 258.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock worth $22,867,000 after buying an additional 1,230,900 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Sonos by 250.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after buying an additional 996,425 shares during the last quarter. OP Asset Management Ltd acquired a new position in shares of Sonos in the 1st quarter valued at $10,414,000. Finally, AQR Capital Management LLC boosted its holdings in shares of 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 in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Price Performance

SONO stock opened at $15.92 on Thursday. The company has a fifty day moving average price of $14.85 and a 200 day moving average price of $14.72. Sonos, Inc. has a 12 month low of $10.11 and a 12 month high of $19.82. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 35.38 and a beta of 1.95.

Insider Transactions at Sonos

In other Sonos news, Director Julius Genachowski sold 19,855 shares of Sonos stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the transaction, the director directly owned 53,775 shares in the company, valued at approximately $914,175. The trade was a 26.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.25% of the company’s stock.

Analysts Set New Price Targets

SONO has been the topic of several research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price target on shares of Sonos in a research note on Thursday, July 30th. Weiss Ratings upgraded shares of Sonos from a “sell (d)” rating to a “hold (c-)” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Sonos from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus 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.