Sonos (NASDAQ:SONO) Announces Quarterly Earnings Results

Sonos (NASDAQ:SONO – Get Rating) released its earnings results on Wednesday. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.04 by $0.02, MarketWatch Earnings reports. Sonos had a return on equity of 33.18% and a net margin of 7.83%. During the same quarter in the previous year, the company posted $0.31 earnings per share. Sonos updated its FY 2022 guidance to EPS.

Shares of SONO opened at $22.64 on Friday. The business’s fifty day moving average price is $25.17 and its 200 day moving average price is $27.85. Sonos has a 12-month low of $18.92 and a 12-month high of $42.57. The stock has a market capitalization of $2.89 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 1.10 and a beta of 1.86.

In other Sonos news, insider Matthew O. Siegel sold 97,454 shares of the stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $25.04, for a total value of $2,440,248.16. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Patrick Spence sold 65,237 shares of the stock in a transaction on Monday, April 18th. The stock was sold at an average price of $25.67, for a total value of $1,674,633.79. Following the completion of the sale, the chief executive officer now directly owns 668,969 shares in the company, valued at $17,172,434.23. The disclosure for this sale can be found here. Insiders have sold 163,596 shares of company stock worth $4,139,960 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. MetLife Investment Management LLC increased its position in Sonos by 62.3% in the first quarter. MetLife Investment Management LLC now owns 67,650 shares of the company’s stock worth $1,909,000 after buying an additional 25,963 shares during the period. Lombard Odier Asset Management USA Corp increased its position in Sonos by 117.0% in the fourth quarter. Lombard Odier Asset Management USA Corp now owns 57,500 shares of the company’s stock worth $1,714,000 after buying an additional 31,000 shares during the period. Vontobel Holding Ltd. increased its position in Sonos by 14.9% in the first quarter. Vontobel Holding Ltd. now owns 40,629 shares of the company’s stock worth $1,192,000 after buying an additional 5,274 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Sonos by 9.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,381 shares of the company’s stock valued at $970,000 after purchasing an additional 2,830 shares during the period. Finally, Mariner LLC acquired a new position in shares of Sonos during the first quarter valued at $702,000. 91.37% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have recently commented on SONO. TheStreet cut Sonos from a “b-” rating to a “c” rating in a research note on Wednesday. Stifel Nicolaus reduced their target price on Sonos from $40.00 to $34.00 in a research note on Thursday, February 10th. Morgan Stanley reduced their target price on Sonos from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, February 3rd. Jefferies Financial Group reduced their target price on Sonos from $50.00 to $45.00 in a research note on Monday, May 9th. Finally, DA Davidson reduced their target price on Sonos from $49.00 to $40.00 in a research note on Thursday.

Sonos Company Profile (Get Rating)

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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