Arizona State Retirement System Has $512,000 Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Arizona State Retirement System grew its position in shares of Sonos, Inc. (NASDAQ:SONO) by 6.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,670 shares of the company’s stock after acquiring an additional 1,995 shares during the quarter. Arizona State Retirement System’s holdings in Sonos were worth $512,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SONO. Natixis Advisors L.P. acquired a new position in Sonos during the 4th quarter worth approximately $274,000. Charles Schwab Investment Management Inc. boosted its position in Sonos by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,395,888 shares of the company’s stock worth $23,926,000 after acquiring an additional 83,110 shares during the last quarter. Norges Bank acquired a new position in Sonos during the 4th quarter worth approximately $13,594,000. Dynamic Technology Lab Private Ltd acquired a new position in Sonos during the 4th quarter worth approximately $1,546,000. Finally, PNC Financial Services Group Inc. boosted its position in Sonos by 7.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,789 shares of the company’s stock worth $888,000 after acquiring an additional 3,702 shares during the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sonos Trading Up 3.0 %

NASDAQ SONO opened at $12.13 on Tuesday. The company has a market cap of $1.49 billion, a PE ratio of -34.66 and a beta of 2.04. Sonos, Inc. has a 12 month low of $9.78 and a 12 month high of $19.76. The stock has a 50 day moving average of $12.57 and a 200-day moving average of $15.42.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The business had revenue of $397.15 million for the quarter, compared to analysts’ expectations of $391.23 million. During the same quarter in the prior year, the business earned $0.02 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, sell-side analysts predict that Sonos, Inc. will post 0.23 EPS for the current fiscal year.

Insider Activity at Sonos

In related news, insider Shamayne Braman sold 6,438 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.56, for a total value of $74,423.28. Following the sale, the insider now owns 26,588 shares in the company, valued at approximately $307,357.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Shamayne Braman sold 6,438 shares of the firm’s stock in a transaction dated 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 directly owns 26,588 shares of the company’s stock, valued at $307,357.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christopher Scott Mason sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $14.45, for a total transaction of $144,500.00. Following the transaction, the insider now directly owns 122,009 shares in the company, valued at $1,763,030.05. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,073 shares of company stock worth $346,129. Company insiders own 3.30% of the company’s stock.

Sonos Company 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.