Sonos' (SONO) "Buy" Rating Reaffirmed at Rosenblatt Securities

Sonos (NASDAQ:SONO - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Rosenblatt Securities in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $18.00 price objective on the stock. Rosenblatt Securities' price objective suggests a potential upside of 35.51% from the company's previous close.

Sonos Stock Down 3.7 %

Shares of Sonos stock traded down $0.52 on Friday, hitting $13.28. 1,033,114 shares of the company traded hands, compared to its average volume of 2,143,251. Sonos has a 12-month low of $10.23 and a 12-month high of $19.76. The company has a 50-day moving average price of $14.44 and a 200 day moving average price of $13.18. The company has a market cap of $1.60 billion, a PE ratio of -23.24 and a beta of 1.97.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.22%. Equities research analysts anticipate that Sonos will post -0.3 EPS for the current year.

Institutional Trading of Sonos

Several hedge funds have recently modified their holdings of SONO. The Manufacturers Life Insurance Company raised its position in Sonos by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,877 shares of the company's stock worth $1,017,000 after purchasing an additional 1,628 shares during the last quarter. Handelsbanken Fonder AB raised its position in shares of Sonos by 50.7% during the third quarter. Handelsbanken Fonder AB now owns 43,700 shares of the company's stock worth $537,000 after acquiring an additional 14,700 shares during the last quarter. Diversified Trust Co increased its position in Sonos by 3.0% in the third quarter. Diversified Trust Co now owns 41,244 shares of the company's stock worth $507,000 after purchasing an additional 1,184 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Sonos by 13.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 38,150 shares of the company's stock worth $469,000 after buying an additional 4,582 shares during the period. Finally, Creative Planning raised its position in shares of Sonos by 16.3% during the 3rd quarter. Creative Planning now owns 29,488 shares of the company's stock valued at $362,000 after acquiring an additional 4,135 shares during the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

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.