Connor Clark & Lunn Investment Management Ltd. Decreases Stake in Sonos, Inc. (NASDAQ:SONO)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Sonos, Inc. by 18.7%, now holding approximately 0.66% of the company's shares valued at around $8.3 million.
• Major shareholder Coliseum Capital Management purchased 675,000 shares of Sonos, increasing their total ownership to approximately 14.5 million shares, valued at over $163 million.
• Sonos reported a net loss per share of ($0.03), missing analyst expectations, despite generating revenues of $344.76 million for the quarter.

Connor Clark & Lunn Investment Management Ltd. lowered its position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 18.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 780,972 shares of the company's stock after selling 179,215 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.66% of Sonos worth $8,333,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SONO. Wells Fargo & Company MN grew its holdings in shares of Sonos by 26.2% during the 4th quarter. Wells Fargo & Company MN now owns 89,595 shares of the company's stock worth $1,348,000 after purchasing an additional 18,592 shares during the period. Bank of Montreal Can lifted its position in Sonos by 19.8% during the 4th quarter. Bank of Montreal Can now owns 49,212 shares of the company's stock worth $740,000 after acquiring an additional 8,121 shares in the last quarter. Legal & General Group Plc lifted its position in Sonos by 4.3% during the 4th quarter. Legal & General Group Plc now owns 359,565 shares of the company's stock worth $5,408,000 after acquiring an additional 14,743 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Sonos during the 4th quarter worth approximately $1,676,000. Finally, Keystone Financial Group acquired a new position in Sonos during the 4th quarter worth approximately $246,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Insider Activity

In other Sonos news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $11.25 per share, with a total value of $7,593,750.00. Following the transaction, the insider directly owned 14,505,191 shares in the company, 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 can be accessed through this link. Over the last quarter, insiders purchased 2,950,069 shares of company stock valued at $31,713,016. Corporate insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Rosenblatt Securities boosted their price target on Sonos from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th.

Sonos Stock Down 0.3%

Shares of SONO opened at $11.30 on Tuesday. The business's 50 day moving average is $10.67 and its two-hundred day moving average is $10.92. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -17.38 and a beta of 2.04.

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

Sonos Profile

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.

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