Rosenblatt Securities Reiterates “Buy” Rating for Sonos (NASDAQ:SONO)

Rosenblatt Securities reiterated their buy rating on shares of Sonos (NASDAQ:SONO) in a research report sent to investors on Friday morning,Benzinga reports. Rosenblatt Securities currently has a $18.00 target price on the stock.

Sonos Trading Down 7.5 %

Shares of NASDAQ:SONO opened at $13.88 on Friday. Sonos has a 52-week low of $10.23 and a 52-week high of $19.76. The company has a fifty day moving average of $14.44 and a 200-day moving average of $13.19.

Sonos (NASDAQ:SONO) last announced 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 return on equity of 13.22% and a negative net margin of 4.73%. As a group, equities research analysts predict that Sonos will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sonos

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC grew its stake in shares of Sonos by 120.3% in the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after purchasing an additional 504,293 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Sonos by 7,557.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock worth $2,347,000 after acquiring an additional 154,011 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Sonos by 42.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 877,758 shares of the company’s stock valued at $10,788,000 after acquiring an additional 263,060 shares during the last quarter. Crestwood Capital Management L.P. acquired a new stake in Sonos during the 3rd quarter valued at approximately $922,000. Finally, Cornercap Investment Counsel Inc. bought a new stake in shares of Sonos in the 3rd quarter valued at $539,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

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.