Brokers Set Expectations for Sonos Inc’s Q2 2019 Earnings (SONO)

Sonos Inc (NASDAQ:SONO) – Analysts at DA Davidson issued their Q2 2019 earnings estimates for shares of Sonos in a note issued to investors on Monday, April 1st. DA Davidson analyst T. Forte forecasts that the company will post earnings of ($0.31) per share for the quarter. DA Davidson has a “Buy” rating and a $20.00 price target on the stock. DA Davidson also issued estimates for Sonos’ Q3 2019 earnings at ($0.16) EPS, Q4 2019 earnings at ($0.06) EPS, FY2019 earnings at $0.02 EPS, FY2020 earnings at $0.15 EPS, FY2021 earnings at $0.35 EPS, FY2022 earnings at $0.62 EPS and FY2023 earnings at $0.90 EPS.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, February 6th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.14. The firm had revenue of $496.00 million for the quarter, compared to the consensus estimate of $490.66 million. The firm’s quarterly revenue was up 193.5% on a year-over-year basis.

Other equities analysts have also issued reports about the company. Morgan Stanley raised Sonos from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $20.00 to $15.00 in a research note on Monday, January 28th. Stifel Nicolaus reduced their price objective on Sonos from $20.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, February 7th. Finally, Zacks Investment Research raised Sonos from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Wednesday, January 30th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Sonos presently has an average rating of “Buy” and an average price target of $19.75.

Shares of NASDAQ SONO opened at $11.25 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.03 and a quick ratio of 1.63. The firm has a market cap of $1.13 billion and a price-to-earnings ratio of -46.88. Sonos has a 1 year low of $9.23 and a 1 year high of $23.60.

Institutional investors have recently modified their holdings of the company. Maple Rock Capital Partners Inc. acquired a new stake in shares of Sonos in the third quarter worth $17,644,000. Wells Fargo & Company MN acquired a new stake in shares of Sonos in the third quarter worth $3,110,000. Vista Equity Partners Management LLC acquired a new stake in shares of Sonos in the third quarter worth $17,662,000. American International Group Inc. acquired a new stake in shares of Sonos in the third quarter worth $171,000. Finally, Laurion Capital Management LP acquired a new stake in shares of Sonos in the third quarter worth $2,428,000. 48.25% of the stock is owned by institutional investors and hedge funds.

In other news, Director Michelangelo Volpi sold 793,476 shares of the firm’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $11.13, for a total value of $8,831,387.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Ventures Growth I. (Jerse Index sold 6,871 shares of the firm’s stock in a transaction on Wednesday, February 27th. The stock was sold at an average price of $11.00, for a total value of $75,581.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,105,857 shares of company stock valued at $23,265,799. Corporate insiders own 15.40% of the company’s stock.

About Sonos

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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