Sonos (NASDAQ:SONO) Stock Price Down 3.2%

Sonos, Inc. (NASDAQ:SONO) shares fell 3.2% during trading on Friday . The company traded as low as $28.36 and last traded at $28.53. 12,921 shares changed hands during trading, a decline of 99% from the average session volume of 2,383,896 shares. The stock had previously closed at $29.48.

A number of brokerages recently commented on SONO. Morgan Stanley lowered their price objective on Sonos from $53.00 to $49.00 and set an “overweight” rating for the company in a research note on Thursday, December 9th. Zacks Investment Research upgraded Sonos from a “hold” rating to a “strong-buy” rating and set a $34.00 price objective for the company in a research note on Monday, October 18th. Finally, TheStreet downgraded Sonos from a “b-” rating to a “c+” rating in a research note on Tuesday, September 28th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $42.00.

The company has a market cap of $3.50 billion, a P/E ratio of 23.63, a PEG ratio of 1.39 and a beta of 1.87. The company has a 50 day moving average price of $31.12 and a 200-day moving average price of $33.69.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Tuesday, November 16th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.04. Sonos had a return on equity of 41.99% and a net margin of 9.24%. The company had revenue of $359.54 million during the quarter, compared to analysts’ expectations of $360.23 million. During the same quarter in the prior year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Sonos, Inc. will post 1.29 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in SONO. Thrivent Financial for Lutherans acquired a new stake in shares of Sonos in the second quarter valued at $113,103,000. Invesco Ltd. lifted its holdings in shares of Sonos by 2,513.1% during the third quarter. Invesco Ltd. now owns 1,831,567 shares of the company’s stock valued at $59,269,000 after purchasing an additional 1,761,475 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of Sonos by 201.2% during the second quarter. Deutsche Bank AG now owns 1,993,634 shares of the company’s stock valued at $70,235,000 after purchasing an additional 1,331,811 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Sonos by 46.8% during the second quarter. Morgan Stanley now owns 4,138,460 shares of the company’s stock valued at $145,798,000 after purchasing an additional 1,318,416 shares during the last quarter. Finally, Scopia Capital Management LP purchased a new stake in shares of Sonos during the third quarter valued at $39,827,000. Institutional investors and hedge funds own 77.99% of the company’s stock.

Sonos Company Profile (NASDAQ:SONO)

Sonos, Inc engages in the provision of multi-room wireless smart home sound systems. It supports streaming services around the world, providing customers with access to music, Internet radio, podcasts and audiobooks, with control from Android smartphones, iPhone or iPad. The company was founded by Mai Trung, John MacFarlane, Craig A.

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