Sonos Target of Unusually Large Options Trading (SONO)

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Sonos Inc (NASDAQ:SONO) was the recipient of some unusual options trading activity on Wednesday. Investors acquired 1,626 put options on the company. This is an increase of approximately 1,170% compared to the typical daily volume of 128 put options.

In related news, major shareholder Ventures Growth I. (Jerse Index sold 6,871 shares of Sonos stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $11.00, for a total transaction of $75,581.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michelangelo Volpi sold 466,799 shares of Sonos stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $11.38, for a total value of $5,312,172.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,102,247 shares of company stock worth $23,243,065. Insiders own 15.40% of the company’s stock.

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in Sonos in the 3rd quarter worth about $646,000. BlackRock Inc. purchased a new position in Sonos in the 3rd quarter worth about $15,623,000. FMR LLC purchased a new position in Sonos in the 3rd quarter worth about $6,434,000. JPMorgan Chase & Co. purchased a new position in Sonos in the 3rd quarter worth about $6,373,000. Finally, LPL Financial LLC purchased a new position in Sonos in the 3rd quarter worth about $269,000. 50.42% of the stock is currently owned by institutional investors.

A number of equities analysts have commented on SONO shares. Morgan Stanley upgraded Sonos from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $20.00 to $15.00 in a research note on Monday, January 28th. DA Davidson initiated coverage on Sonos in a research note on Monday, April 1st. They set a “buy” rating and a $20.00 price objective on the stock. Stifel Nicolaus decreased their price target on Sonos from $20.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, February 7th. ValuEngine lowered Sonos from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Zacks Investment Research upgraded Sonos from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Wednesday, January 30th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Sonos presently has an average rating of “Buy” and an average target price of $19.88.

SONO stock traded down $0.21 during midday trading on Friday, reaching $10.52. 842,738 shares of the stock were exchanged, compared to its average volume of 1,382,368. The firm has a market capitalization of $1.10 billion and a P/E ratio of -43.83. Sonos has a 52 week low of $9.23 and a 52 week high of $23.60. The company has a quick ratio of 1.63, a current ratio of 2.58 and a debt-to-equity ratio of 0.10.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.13. The company had revenue of $210.20 million for the quarter, compared to the consensus estimate of $213.42 million. Sonos had a return on equity of 6.88% and a net margin of 0.85%. The firm’s quarterly revenue was up 12.6% compared to the same quarter last year.

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Sonos Company Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the United States and internationally. It provides wireless speakers, home theater speakers, and components. The company offers its products through third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its sonos.com Website.

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