Renaissance Technologies LLC Raises Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Renaissance Technologies LLC boosted its stake in Sonos, Inc. (NASDAQ:SONO) by 1,725.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 337,700 shares of the company’s stock after purchasing an additional 319,200 shares during the quarter. Renaissance Technologies LLC owned about 0.27% of Sonos worth $4,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Covestor Ltd raised its position in 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 purchasing an additional 1,571 shares in the last quarter. Quest Partners LLC raised its holdings in shares of 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 buying an additional 2,819 shares in the last quarter. nVerses Capital LLC bought a new stake in Sonos in the 2nd quarter worth approximately $81,000. Quent Capital LLC purchased a new stake in Sonos in the first quarter worth approximately $95,000. Finally, Centaurus Financial Inc. bought a new position in Sonos during the fourth quarter valued at approximately $112,000. 85.82% of the stock is currently owned by institutional investors.

Sonos Price Performance

Shares of Sonos stock opened at $12.15 on Friday. Sonos, Inc. has a 1 year low of $9.78 and a 1 year high of $19.76. The firm’s 50-day moving average is $12.25 and its 200 day moving average is $15.10. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -34.71 and a beta of 2.04.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The company had revenue of $397.15 million during the quarter, compared to the consensus estimate of $391.23 million. During the same period last year, the company earned $0.02 EPS. Sonos’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts expect that Sonos, Inc. will post -0.29 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SONO shares. Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $25.00 to $11.00 in a report on Thursday. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to MarketBeat, Sonos presently has an average rating of “Hold” and a consensus price target of $14.25.

Insider Buying and Selling at Sonos

In related news, insider Shamayne Braman sold 6,438 shares of the firm’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 value of $74,423.28. Following the transaction, the insider now 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 accessible through this link. In other Sonos news, insider Shamayne Braman sold 6,438 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the sale, the insider now owns 26,588 shares of the company’s stock, valued at $307,357.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Millington sold 7,730 shares of the company’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold a total of 25,073 shares of company stock worth $346,129 in the last three months. 3.30% of the stock is currently owned by company insiders.

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.