Intech Investment Management LLC has decreased its ownership in Sonos, Inc. (NASDAQ: SONO) by 18.0% during the second quarter of 2023, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 124,007 shares after selling 27,145 shares during this period, valuing its stake at approximately $1.34 million.
Changes in the ownership landscape of Sonos have not been limited to Intech. Other institutional investors have also adjusted their positions. For instance, AlphaQuest LLC acquired a new stake in Sonos worth $29,000 in the first quarter. Meanwhile, Nisa Investment Advisors LLC increased its stake by 65.6% during the second quarter, now holding 3,203 shares valued at $35,000. Farther Finance Advisors LLC boosted its holdings by an impressive 222.7%, owning 3,714 shares worth $40,000. GAMMA Investing LLC also saw significant growth with a 96.3% increase, owning 6,035 shares valued at $65,000.
Overall, institutional investors now own approximately 85.82% of Sonos shares.
Insider Transactions and Company Performance
In related news, CEO Thomas Conrad purchased 62,325 shares of Sonos on November 17, 2023, at an average price of $16.17 per share, totaling around $1,007,795. This acquisition increased his holdings to 305,103 shares, valued at approximately $4.93 million. Corporate insiders collectively own about 1.80% of the company’s stock.
Sonos recently reported its earnings results for the quarter ending November 5, 2023. The company posted an earnings per share (EPS) of ($0.06), missing analysts’ consensus estimate of $0.05 by $0.11. The firm experienced a negative net margin of 4.24% and a negative return on equity of 11.66%. Revenue for the quarter was reported at $287.90 million, significantly lower than the anticipated $535.43 million. Still, this figure represents a 12.7% increase compared to the same quarter last year.
Looking ahead, Sonos has set its guidance for the first quarter of 2026, projecting an EPS of ($0.37) for the current year.
Analysts’ Insights and Ratings
A number of financial analysts have weighed in on Sonos’s performance and future outlook. Morgan Stanley has set a price target of $17.00, maintaining an “equal weight” rating. Weiss Ratings has reissued a “sell (d-)” rating, while Rosenblatt Securities raised its price target from $17.00 to $21.00 and assigned a “buy” rating. Wall Street Zen has also upgraded its rating from “hold” to “buy.” Currently, two analysts have issued a “buy” rating, one has given a “hold,” and one has recommended a “sell,” leading to an average rating of “hold” with a consensus price target of $17.00.
Sonos, Inc., based in Santa Barbara, California, specializes in designing and manufacturing audio products and services across various regions, including the Americas and Europe. The company markets its wireless speakers and accessories through approximately 10,000 retail locations and its own e-commerce platform.
For continuous updates on Sonos and other market activities, investors can access detailed reports and filings on the SEC website.
