Intech Investment Management LLC has reduced its stake in Sonos, Inc. (NASDAQ:SONO) by 18% during the second quarter of 2023, as indicated in its recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 27,145 shares, Intech now holds 124,007 shares in Sonos, valued at approximately $1,341,000 at the end of the quarter.
Other institutional investors have also adjusted their positions in Sonos. AlphaQuest LLC acquired a new stake in the company valued at $29,000 during the first quarter. Additionally, Nisa Investment Advisors LLC increased its holdings by 65.6% during the second quarter, now owning 3,203 shares valued at $35,000. Farther Finance Advisors LLC raised its stake by a notable 222.7% and now possesses 3,714 shares worth $40,000. GAMMA Investing LLC also boosted its holdings by 96.3%, owning 6,035 shares valued at $65,000. Collectively, institutional investors hold 85.82% of Sonos’ stock.
Insider Transactions and Recent Performance
In a separate development, Sonos CEO Thomas Conrad purchased 62,325 shares of the company on November 17, 2023, at an average price of $16.17 per share, totaling approximately $1,007,795.25. Following this transaction, Conrad’s ownership in Sonos increased by 25.67%, bringing his total shares to 305,103, valued at around $4,933,515.51. Corporate insiders currently own 1.80% of the company’s stock.
Sonos recently reported its earnings results for the fourth quarter on November 5, 2023. The company reported an earnings per share (EPS) loss of ($0.06), which fell short of analysts’ consensus estimates of $0.05 by ($0.11). Its revenue for the quarter stood at $287.90 million, significantly below the expected $535.43 million. In comparison, Sonos had an EPS loss of ($0.44) during the same quarter last year. Despite the challenges, the company experienced a 12.7% increase in revenue year-over-year and has set its guidance for Q1 2026.
Market Analysts’ Perspectives
Market analysts have expressed varying opinions on Sonos’ stock. On November 6, Morgan Stanley assigned a price target of $17.00 while maintaining an “equal weight” rating. Weiss Ratings reiterated a “sell (d-)” rating on the shares in an October 8 report. Conversely, Rosenblatt Securities raised its price target from $17.00 to $21.00 and issued a “buy” rating. Additionally, Wall Street Zen upgraded Sonos from a “hold” to a “buy” rating. Currently, two analysts have rated the stock as a buy, one as hold, and one as sell. According to data from MarketBeat, Sonos maintains an average rating of “Hold” with a consensus price target of $17.00.
About Sonos, Inc.
Sonos, Inc., along with its subsidiaries, designs, develops, manufactures, and sells audio products and services across several regions, including the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a range of products such as wireless, portable, and home theater speakers, components, and accessories. Sonos distributes its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems and e-commerce platforms, as well as its own website.
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