42,300 Shares in Sonos, Inc. (NASDAQ:SONO) Bought by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC acquired a new position in Sonos, Inc. (NASDAQ:SONO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 42,300 shares of the company’s stock, valued at approximately $686,000.

Other institutional investors also recently modified their holdings of the company. Covestor Ltd boosted its position in shares of Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after purchasing an additional 1,571 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sonos during the 2nd quarter worth about $46,000. Quest Partners LLC boosted its position 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 in the last quarter. nVerses Capital LLC bought a new position in shares of Sonos during the 2nd quarter worth about $81,000. Finally, Quent Capital LLC bought a new position in shares of Sonos during the 1st quarter worth about $95,000. Institutional investors own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their target price for the stock from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and lowered their target price for the stock from $25.00 to $10.00 in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.25.

Insider Activity

In other news, insider Christopher Scott Mason sold 10,000 shares of the firm’s stock in a transaction 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 sale, the insider now owns 122,009 shares in the company, valued at approximately $1,763,030.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Christopher Scott Mason sold 10,000 shares of the firm’s stock in a transaction 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 sale, the insider now owns 122,009 shares in the company, valued at approximately $1,763,030.05. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction 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 completion of the transaction, the insider now 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 quarter, insiders have sold 17,343 shares of company stock worth $232,498. 3.30% of the stock is currently owned by corporate insiders.

Sonos Price Performance

Shares of NASDAQ:SONO opened at $11.81 on Wednesday. The firm has a fifty day moving average price of $12.13 and a two-hundred day moving average price of $14.91. Sonos, Inc. has a one year low of $9.78 and a one year high of $19.76. The company has a market cap of $1.43 billion, a price-to-earnings ratio of -33.74 and a beta of 2.04.

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

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.