Magnetar Financial LLC Purchases New Position in Sonos, Inc. (NASDAQ:SONO)

Magnetar Financial LLC acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 40,669 shares of the company’s stock, valued at approximately $600,000.

Several other institutional investors also recently bought and sold shares of SONO. Covestor Ltd increased its stake in shares of Sonos by 376.7% during the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares during the period. Quest Partners LLC increased its position in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the period. nVerses Capital LLC bought a new stake in shares of Sonos in the 2nd quarter valued at about $81,000. Quent Capital LLC purchased a new stake in shares of Sonos in the 1st quarter worth approximately $95,000. Finally, Centaurus Financial Inc. bought a new position in shares of Sonos during the fourth quarter valued at approximately $112,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Trading Up 2.1 %

Shares of Sonos stock opened at $12.85 on Wednesday. The company has a 50-day simple moving average of $12.32 and a two-hundred day simple moving average of $15.14. Sonos, Inc. has a one year low of $9.78 and a one year high of $19.76.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $397.15 million during the quarter, compared to analyst estimates of $391.23 million. Sonos had a negative net margin of 1.04% and a positive return on equity of 0.42%. Sonos’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. As a group, sell-side analysts anticipate that Sonos, Inc. will post -0.29 earnings per share for the current year.

Insider Transactions at Sonos

In other news, insider Nicholas Millington sold 7,730 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $14.70, for a total value of $113,631.00. Following the completion of the sale, the insider now owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Sonos news, insider Shamayne Braman sold 6,438 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the transaction, the insider now owns 26,588 shares in the company, valued at approximately $307,357.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Millington sold 7,730 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $14.70, for a total transaction of $113,631.00. Following the completion of the transaction, the insider now directly owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,073 shares of company stock valued at $346,129. Corporate insiders own 3.30% of the company’s stock.

Analyst Ratings Changes

Separately, Craig Hallum downgraded shares of Sonos from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Sonos has a consensus rating of “Moderate Buy” and an average target price of $17.75.

Sonos Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company 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.