First Eagle Investment Management LLC Boosts Stock Position in Sonos, Inc. (NASDAQ:SONO)

First Eagle Investment Management LLC raised its position in Sonos, Inc. (NASDAQ:SONO) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 357,685 shares of the company’s stock after purchasing an additional 2,750 shares during the period. First Eagle Investment Management LLC owned about 0.29% of Sonos worth $5,279,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Covestor Ltd lifted 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 lifted its stake in shares of Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after purchasing an additional 2,819 shares during the period. Quent Capital LLC acquired a new stake in shares of Sonos during the first quarter worth $95,000. nVerses Capital LLC purchased a new stake in shares of Sonos in the second quarter valued at $81,000. Finally, Centaurus Financial Inc. acquired a new position in Sonos in the fourth quarter valued at $112,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Sonos

In other news, insider Nicholas Millington sold 7,730 shares of the stock in a transaction on Monday, July 1st. The shares were 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 $5,462,725.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Shamayne Braman sold 6,438 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was 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 approximately $307,357.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Nicholas Millington sold 7,730 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now 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. Insiders have sold a total of 25,073 shares of company stock valued at $346,129 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Sonos Stock Up 0.9 %

Shares of NASDAQ SONO opened at $12.64 on Friday. The stock has a market capitalization of $1.55 billion, a PE ratio of -36.11 and a beta of 2.04. The firm has a fifty day moving average of $12.39 and a 200-day moving average of $15.28. Sonos, Inc. has a 52-week low of $9.78 and a 52-week high of $19.76.

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

Analysts Set New Price Targets

Separately, Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and decreased their price target for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Sonos currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

About Sonos

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.