Patrick Spence, CEO of Sonos Devan Burris | CNBCShares of Sonos extended their double-digit gains into Thursday, reaching a 52-week high, after the speaker maker reported strong fiscal fourth-quarter earnings and fiscal-year revenue guidance that beat expectations.The company’s stock was up more than 28%, in an otherwise down market.Sonos reported 33 cents in earnings per share on revenue of $339.8 million, compared to Wall Street’s expectation of 0 cents per share on revenue of $298.9 million. Sonos also said it projects $1.44 billion to $1.5 billion in revenue for fiscal year 2021, implying 11% to 15% growth, ahead of the $1.38 billion consensus among analysts polled by Refinitiv.The gist of Sono’s earnings seemed to be that, with more people stuck inside, they’re also buying speakers. And Sonos had several new models to attract buyers, including a high-end soundbar that works with TVs and a replacement for its most powerful speaker.Several analysts also upped their price target on the stock following the company’s beat. Morgan Stanley raised its price to $30 per share from $20 per share on Thursday, saying that they “continue to believe SONO is undervalued relative to its consistent growth profile.” DA Davidson also increased its price target to $24 per share from $16 per share, while Stifel raised it to $19 per share from $16. Jeffries analysts also upped their target to $22 per share, from $16.”While Sonos has historically been valued as a single-product, product cycle dependent hardware company, it is becoming clear that consistent product launches, strong new household growth and growing engagement within existing households combine to deliver consistent top and bottom-line growth not enjoyed by many of its consumer electronics peers,” Morgan Stanley wrote in a note to investors.Subscribe to CNBC on YouTube.