Sonos (NASDAQ:SONO) Stock Rating Upgraded by Raymond James

Sonos (NASDAQ:SONO) was upgraded by research analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a research note issued to investors on Monday, MarketBeat reports. The firm currently has a $19.00 price target on the stock. Raymond James’ target price would suggest a potential upside of 35.14% from the stock’s previous close.

Several other brokerages have also issued reports on SONO. ValuEngine raised Sonos from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research lowered Sonos from a “buy” rating to a “hold” rating in a research report on Wednesday, May 22nd. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $19.13.

SONO opened at $14.06 on Monday. The business has a 50 day simple moving average of $11.05 and a two-hundred day simple moving average of $10.94. The firm has a market capitalization of $1.27 billion and a price-to-earnings ratio of -58.58. 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 has a one year low of $9.23 and a one year high of $22.25.

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

In other news, insider Nicholas Millington sold 8,107 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $11.47, for a total value of $92,987.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.40% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Sonos by 25.0% during the 2nd quarter. Vanguard Group Inc. now owns 3,853,704 shares of the company’s stock valued at $43,700,000 after buying an additional 770,818 shares in the last quarter. BlackRock Inc. increased its position in Sonos by 245.4% during the 2nd quarter. BlackRock Inc. now owns 3,516,528 shares of the company’s stock valued at $39,878,000 after buying an additional 2,498,290 shares in the last quarter. JPMorgan Chase & Co. increased its position in Sonos by 127.4% during the 1st quarter. JPMorgan Chase & Co. now owns 2,073,157 shares of the company’s stock valued at $21,332,000 after buying an additional 1,161,411 shares in the last quarter. Spark Investment Management LLC increased its position in Sonos by 429.4% during the 1st quarter. Spark Investment Management LLC now owns 1,470,400 shares of the company’s stock valued at $15,130,000 after buying an additional 1,192,658 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new position in Sonos during the 2nd quarter valued at approximately $16,102,000. 60.25% of the stock is owned by institutional investors.

Sonos Company Profile

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 sonos.com Website.

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Analyst Recommendations for Sonos (NASDAQ:SONO)

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