PNC Financial Services Group Inc. lifted its stake in Sonos, Inc. (NASDAQ:SONO – Get Rating) by 5.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,913 shares of the company's stock after purchasing an additional 2,401 shares during the period. PNC Financial Services Group Inc.'s holdings in Sonos were worth $1,240,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in Sonos by 42.9% during the first quarter. American Century Companies Inc. now owns 4,664,749 shares of the company's stock worth $131,639,000 after acquiring an additional 1,401,467 shares in the last quarter. Millennium Management LLC lifted its holdings in Sonos by 147.6% during the fourth quarter. Millennium Management LLC now owns 2,559,845 shares of the company's stock worth $76,283,000 after acquiring an additional 1,525,876 shares in the last quarter. HS Management Partners LLC bought a new position in Sonos during the fourth quarter worth about $69,126,000. Scopia Capital Management LP lifted its holdings in Sonos by 83.5% during the fourth quarter. Scopia Capital Management LP now owns 2,258,102 shares of the company's stock worth $67,291,000 after acquiring an additional 1,027,351 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Sonos by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 2,118,303 shares of the company's stock worth $63,125,000 after acquiring an additional 34,018 shares in the last quarter. 90.91% of the stock is currently owned by institutional investors.
Get Sonos alerts:Wall Street Analyst Weigh In
Several analysts have issued reports on SONO shares. DA Davidson dropped their price target on Sonos to $29.00 in a research note on Monday, August 15th. Morgan Stanley dropped their price target on Sonos from $28.00 to $20.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 11th. Stifel Nicolaus dropped their price target on Sonos from $24.00 to $20.00 and set a "hold" rating on the stock in a research note on Thursday, August 11th. TheStreet downgraded Sonos from a "b-" rating to a "c" rating in a research note on Wednesday, May 11th. Finally, Jefferies Financial Group dropped their price target on Sonos from $45.00 to $35.00 in a research note on Tuesday, May 31st.
Sonos Stock Performance
NASDAQ:SONO opened at $14.98 on Thursday. The stock's 50-day simple moving average is $18.67 and its 200 day simple moving average is $21.99. The company has a market cap of $1.91 billion, a P/E ratio of 17.42, a P/E/G ratio of 2.89 and a beta of 2.00. Sonos, Inc. has a 52-week low of $14.52 and a 52-week high of $39.19.Insider Activity at Sonos
In related news, CEO Patrick Spence sold 65,237 shares of Sonos stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $18.96, for a total value of $1,236,893.52. Following the sale, the chief executive officer now owns 727,690 shares of the company's stock, valued at $13,797,002.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Sonos news, insider Matthew O. Siegel sold 202,945 shares of the business's stock in a transaction that occurred on Tuesday, June 21st. The stock was sold at an average price of $19.25, for a total transaction of $3,906,691.25. Following the transaction, the insider now owns 68,339 shares of the company's stock, valued at $1,315,525.75. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Patrick Spence sold 65,237 shares of the business's stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $18.96, for a total value of $1,236,893.52. Following the transaction, the chief executive officer now directly owns 727,690 shares in the company, valued at approximately $13,797,002.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 269,992 shares of company stock valued at $5,181,387. 3.60% of the stock is owned by insiders.
About Sonos
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Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It 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 sonos.com.
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