Sonos, Inc. (NASDAQ:SONO) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its holdings in Sonos, Inc. (NASDAQ:SONO) by 7.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,789 shares of the company’s stock after buying an additional 3,702 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sonos were worth $888,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Sonos by 8.1% in the fourth quarter. Wellington Management Group LLP now owns 2,963,231 shares of the company’s stock worth $50,790,000 after buying an additional 221,875 shares during the last quarter. Tabor Asset Management LP acquired a new position in Sonos in the fourth quarter worth approximately $2,257,000. NewEdge Wealth LLC acquired a new position in Sonos in the fourth quarter worth approximately $7,453,000. Point72 Hong Kong Ltd acquired a new position in Sonos in the fourth quarter worth approximately $9,677,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Sonos in the fourth quarter worth approximately $1,546,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Stock Performance

NASDAQ SONO opened at $15.08 on Tuesday. Sonos, Inc. has a twelve month low of $9.78 and a twelve month high of $19.76. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -43.09 and a beta of 1.99. The firm’s 50 day moving average price is $16.37 and its two-hundred day moving average price is $17.20.

Sonos (NASDAQ:SONO) last issued its earnings results on Tuesday, May 7th. The company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.08). The company had revenue of $252.66 million for the quarter, compared to analyst estimates of $246.48 million. Sonos had a negative net margin of 2.82% and a negative return on equity of 0.44%. On average, research analysts forecast that Sonos, Inc. will post 0.23 EPS for the current fiscal year.

Insider Buying and Selling at Sonos

In other Sonos news, insider Christopher Scott Mason sold 20,000 shares of Sonos stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $17.62, for a total transaction of $352,400.00. Following the completion of the sale, the insider now owns 119,179 shares of the company’s stock, valued at approximately $2,099,933.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Christopher Scott Mason sold 20,000 shares of Sonos stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $17.62, for a total value of $352,400.00. Following the completion of the sale, the insider now owns 119,179 shares of the company’s stock, valued at approximately $2,099,933.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Maxime Bouvat-Merlin sold 40,222 shares of Sonos stock in a transaction on Monday, May 20th. The shares were sold at an average price of $16.54, for a total transaction of $665,271.88. Following the completion of the sale, the insider now directly owns 24,650 shares of the company’s stock, valued at approximately $407,711. The disclosure for this sale can be found here. Insiders sold 102,032 shares of company stock valued at $1,710,805 in the last quarter. Company insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Rosenblatt Securities reiterated a “buy” rating and set a $24.00 price objective on shares of Sonos in a research report on Monday, March 25th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

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.