Sonos (NASDAQ:SONO) Given a $20.00 Price Target at DA Davidson

DA Davidson set a $20.00 price objective on Sonos (NASDAQ:SONO) in a research report sent to investors on Monday, TipRanks reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also weighed in on SONO. Jefferies Financial Group upped their price objective on shares of Sonos from $12.00 to $16.00 and gave the stock a hold rating in a research note on Wednesday, September 4th. They noted that the move was a valuation call. ValuEngine raised shares of Sonos from a hold rating to a buy rating in a research report on Tuesday, August 20th. Raymond James upgraded shares of Sonos from an outperform rating to a strong-buy rating and set a $19.00 price target for the company in a report on Monday, August 19th. Finally, Zacks Investment Research cut shares of Sonos from a buy rating to a hold rating in a research report on Wednesday, May 22nd. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $16.00.

Shares of SONO stock traded up $0.01 during mid-day trading on Monday, hitting $15.23. The stock had a trading volume of 1,266,345 shares, compared to its average volume of 1,308,795. Sonos has a 12-month low of $9.23 and a 12-month high of $17.77. The firm has a market capitalization of $1.57 billion and a P/E ratio of -63.46. The firm’s 50-day moving average is $12.47 and its two-hundred day moving average is $11.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.06 and a quick ratio of 1.62.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.10. The business had revenue of $260.12 million for the quarter, compared to the consensus estimate of $245.54 million. Sonos had a return on equity of 8.69% and a net margin of 1.86%. The business’s revenue was up 24.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.45) EPS. Analysts expect that Sonos will post 0.01 EPS for the current year.

In other news, insider Nicholas Millington sold 16,893 shares of Sonos stock in a transaction on Monday, July 1st. The stock was sold at an average price of $11.48, for a total value of $193,931.64. The sale was disclosed in a filing with the SEC, which is available through this link. 15.40% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its holdings in shares of Sonos by 673.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,345 shares of the company’s stock valued at $27,000 after buying an additional 2,042 shares in the last quarter. Quantamental Technologies LLC purchased a new stake in Sonos during the second quarter valued at approximately $32,000. BNP Paribas Arbitrage SA lifted its position in Sonos by 610.4% during the first quarter. BNP Paribas Arbitrage SA now owns 3,836 shares of the company’s stock valued at $39,000 after acquiring an additional 3,296 shares during the last quarter. Water Island Capital LLC acquired a new stake in Sonos in the first quarter valued at approximately $93,000. Finally, Bank of America Corp DE boosted its stake in Sonos by 69.8% in the fourth quarter. Bank of America Corp DE now owns 10,009 shares of the company’s stock valued at $98,000 after acquiring an additional 4,113 shares in the last quarter. 63.58% of the stock is owned by institutional investors and hedge funds.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the United States and internationally. It provides wireless speakers, home theater speakers, and components. The company offers its products through third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its Website.

Read More: Why is cost of goods sold important?

Analyst Recommendations for Sonos (NASDAQ:SONO)

Receive News & Ratings for Sonos Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonos and related companies with's FREE daily email newsletter.