Canada Pension Plan Investment Board Takes Position in Sonos, Inc. (NASDAQ:SONO)

Canada Pension Plan Investment Board purchased a new stake in shares of Sonos, Inc. (NASDAQ:SONO) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 38,600 shares of the company’s stock, valued at approximately $630,000.

Other hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its position in shares of Sonos by 74.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,826 shares of the company’s stock valued at $25,000 after purchasing an additional 777 shares in the last quarter. Strs Ohio purchased a new position in shares of Sonos during the 1st quarter valued at $35,000. CWM LLC grew its position in shares of Sonos by 103.0% during the 2nd quarter. CWM LLC now owns 2,138 shares of the company’s stock valued at $35,000 after purchasing an additional 1,085 shares in the last quarter. Ameritas Advisory Services LLC purchased a new position in shares of Sonos during the 1st quarter valued at $36,000. Finally, First Manhattan Co. purchased a new position in shares of Sonos during the 1st quarter valued at $36,000. 84.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Rosenblatt Securities restated a “buy” rating and set a $20.00 price target on shares of Sonos in a research report on Monday, November 13th. DA Davidson lifted their price objective on shares of Sonos from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Thursday, August 10th. TheStreet downgraded shares of Sonos from a “c-” rating to a “d+” rating in a report on Thursday, September 21st. Craig Hallum assumed coverage on shares of Sonos in a report on Friday, September 8th. They set a “buy” rating and a $20.00 price objective for the company. Finally, Morgan Stanley dropped their price objective on shares of Sonos from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, November 16th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Sonos presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.60.

Sonos Stock Up 4.4 %

Sonos stock opened at $14.32 on Tuesday. The company has a market capitalization of $1.84 billion, a PE ratio of -143.19, a P/E/G ratio of 6.65 and a beta of 1.86. The firm has a fifty day simple moving average of $11.89 and a two-hundred day simple moving average of $14.34. Sonos, Inc. has a twelve month low of $9.78 and a twelve month high of $21.98.

Insiders Place Their Bets

In other Sonos news, CEO Patrick Spence sold 45,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $13.41, for a total value of $603,450.00. Following the completion of the sale, the chief executive officer now directly owns 925,869 shares of the company’s stock, valued at $12,415,903.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Maxime Bouvat-Merlin sold 6,917 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $11.27, for a total transaction of $77,954.59. Following the completion of the transaction, the insider now directly owns 24,138 shares of the company’s stock, valued at $272,035.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Patrick Spence sold 45,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $13.41, for a total transaction of $603,450.00. Following the transaction, the chief executive officer now directly owns 925,869 shares of the company’s stock, valued at $12,415,903.29. The disclosure for this sale can be found here. 3.13% of the stock is currently owned by insiders.

Sonos Company Profile

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It 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 sonos.com.