Sonos (NASDAQ:SONO) Raised to “Buy” at Bank of America

Bank of America upgraded shares of Sonos (NASDAQ:SONO) from a neutral rating to a buy rating in a research report sent to investors on Thursday morning, The Fly reports. Bank of America currently has $18.00 price objective on the stock, up from their prior price objective of $17.50.

A number of other research firms have also recently weighed in on SONO. BidaskClub cut Sonos from a buy rating to a hold rating in a report on Wednesday, October 7th. BofA Securities upgraded Sonos from a neutral rating to a buy rating and set a $18.00 price target for the company in a report on Thursday. Raymond James cut Sonos from a strong-buy rating to a market perform rating in a report on Wednesday, July 29th. Zacks Investment Research cut Sonos from a buy rating to a hold rating in a report on Tuesday, August 11th. Finally, ValuEngine cut Sonos from a buy rating to a hold rating in a report on Wednesday, August 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $16.28.

NASDAQ SONO opened at $14.83 on Thursday. The stock has a market cap of $1.64 billion, a PE ratio of -21.80 and a beta of 1.65. The company has a current ratio of 1.89, a quick ratio of 1.55 and a debt-to-equity ratio of 0.08. Sonos has a twelve month low of $6.58 and a twelve month high of $17.83. The stock has a fifty day simple moving average of $14.16 and a 200-day simple moving average of $12.73.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.05. The business had revenue of $249.31 million during the quarter, compared to analysts’ expectations of $234.21 million. Sonos had a negative return on equity of 12.52% and a negative net margin of 5.32%. Research analysts predict that Sonos will post -0.05 EPS for the current year.

In other news, CEO Patrick Spence sold 18,726 shares of Sonos stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $15.03, for a total value of $281,451.78. Following the completion of the transaction, the chief executive officer now owns 116,768 shares in the company, valued at approximately $1,755,023.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas Millington sold 30,450 shares of Sonos stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $16.87, for a total value of $513,691.50. Following the completion of the transaction, the insider now owns 56,405 shares of the company’s stock, valued at approximately $951,552.35. The disclosure for this sale can be found here. Company insiders own 11.20% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. purchased a new position in shares of Sonos in the 2nd quarter valued at about $27,000. Pathstone Family Office LLC purchased a new position in shares of Sonos in the 1st quarter valued at about $29,000. Signaturefd LLC boosted its stake in shares of Sonos by 4,166.7% in the 2nd quarter. Signaturefd LLC now owns 2,560 shares of the company’s stock valued at $37,000 after buying an additional 2,500 shares during the period. Creative Financial Designs Inc. ADV purchased a new position in shares of Sonos in the 3rd quarter valued at about $41,000. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Sonos by 375.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,165 shares of the company’s stock worth $46,000 after acquiring an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 66.47% of the company’s stock.

Sonos Company Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It 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 sonos.com.

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