American Century Companies Inc. Lowers Stake in Sonos, Inc. $SONO

Key Points

• American Century Companies Inc. reduced its stake in Sonos, Inc. by 25.3%, selling 98,344 shares and owning approximately 0.24% of the company valued at $3,099,000.
• Analysts have mixed views on Sonos, with a current average rating of "Hold" and a price target of $13.67, while some firms, like Rosenblatt Securities, continue to recommend a "buy".
• Despite a revenue decline of 13.2% year-over-year, Sonos reported earnings of ($0.03) per share, missing the consensus estimate, and is expected to post -0.37 EPS for the current year.

American Century Companies Inc. reduced its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 25.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 290,399 shares of the company's stock after selling 98,344 shares during the period. American Century Companies Inc. owned about 0.24% of Sonos worth $3,099,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in SONO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Sonos by 1.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company's stock valued at $1,030,000 after buying an additional 1,033 shares during the last quarter. Fox Run Management L.L.C. grew its position in shares of Sonos by 10.1% during the 1st quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company's stock valued at $132,000 after acquiring an additional 1,128 shares during the period. Blueshift Asset Management LLC boosted its holdings in Sonos by 11.4% in the 1st quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock worth $143,000 after buying an additional 1,367 shares during the period. Headlands Technologies LLC boosted its holdings in Sonos by 38.8% in the 1st quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after buying an additional 2,168 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in Sonos by 5.1% in the 1st quarter. HighTower Advisors LLC now owns 49,958 shares of the company's stock worth $533,000 after buying an additional 2,407 shares during the period. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on SONO. Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $17.00 price objective on shares of Sonos in a research report on Wednesday, August 20th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $13.67.

Insider Transactions at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average cost of $11.25 per share, for a total transaction of $7,593,750.00. Following the completion of the transaction, the insider directly owned 14,505,191 shares of the company's stock, valued at approximately $163,183,398.75. This trade represents a 4.88% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have acquired 2,950,069 shares of company stock worth $31,713,016 in the last three months. Insiders own 1.80% of the company's stock.

Sonos Price Performance

NASDAQ SONO traded up $0.22 during trading on Thursday, hitting $14.29. The company's stock had a trading volume of 793,409 shares, compared to its average volume of 2,003,005. The company has a market cap of $1.73 billion, a PE ratio of -22.04 and a beta of 2.17. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $15.89. The business's 50 day simple moving average is $11.79 and its 200-day simple moving average is $10.92.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The company had revenue of $344.76 million for the quarter, compared to analyst estimates of $324.66 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The company's quarterly revenue was down 13.2% on a year-over-year basis. Analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company 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.