Point72 Asia Singapore Pte. Ltd. Invests $46,000 in Sonos, Inc. (NASDAQ:SONO)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in Sonos, Inc. (NASDAQ:SONO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,119 shares of the company’s stock, valued at approximately $46,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. SG Americas Securities LLC grew its holdings in shares of Sonos by 2,222.0% during the second quarter. SG Americas Securities LLC now owns 172,549 shares of the company’s stock valued at $2,547,000 after buying an additional 165,118 shares during the last quarter. Wellington Management Group LLP lifted its position in Sonos by 8.1% in the 4th quarter. Wellington Management Group LLP now owns 2,963,231 shares of the company’s stock valued at $50,790,000 after acquiring an additional 221,875 shares in the last quarter. Tabor Asset Management LP acquired a new position in Sonos during the 4th quarter valued at about $2,257,000. Point72 Hong Kong Ltd bought a new stake in Sonos during the 4th quarter worth approximately $9,677,000. Finally, Illinois Municipal Retirement Fund bought a new position in shares of Sonos in the first quarter valued at approximately $1,402,000. Institutional investors own 85.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SONO. Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and decreased their price target for the stock from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum downgraded shares of Sonos from a “buy” rating to a “hold” rating and cut their price objective for the stock from $25.00 to $10.00 in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.25.

Insider Buying and Selling

In other Sonos news, insider Shamayne Braman sold 6,438 shares of the 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 completion of the transaction, the insider now owns 26,588 shares in the company, valued at $307,357.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Christopher Scott Mason sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $14.45, for a total transaction of $144,500.00. Following the completion of the transaction, the insider now owns 122,009 shares of the company’s stock, valued at $1,763,030.05. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Shamayne Braman sold 6,438 shares of the company’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 sale, the insider now directly owns 26,588 shares in the company, valued at approximately $307,357.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,343 shares of company stock valued at $232,498. 3.30% of the stock is owned by insiders.

Sonos Stock Performance

Shares of NASDAQ:SONO opened at $12.29 on Tuesday. The company has a market capitalization of $1.51 billion, a P/E ratio of -35.11 and a beta of 2.04. The company’s 50-day moving average is $12.18 and its 200 day moving average is $14.96. Sonos, Inc. has a fifty-two week low of $9.78 and a fifty-two week high of $19.76.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share (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 negative net margin of 1.04% and a positive return on equity of 0.42%. Sonos’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 EPS. As a group, research analysts predict that Sonos, Inc. will post -0.29 earnings per share for the current year.

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.