NBW Capital LLC Reduces Holdings in Sonos, Inc. (NASDAQ:SONO)

Key Points

• NBW Capital LLC decreased its holdings in Sonos, Inc. by 19.2% in the first quarter, leaving it with approximately 0.17% of the company's shares valued at around $2.2 million.
• Major shareholder Coliseum Capital Management purchased 675,000 shares of Sonos stock at $11.25 per share, increasing their total ownership to over 14.5 million shares, valued at approximately $163 million.
• Sonos recently reported a quarterly revenue of $344.76 million, which missed analyst estimates, and incurred a loss of ($0.03) EPS, compared to a small profit of $0.03 EPS during the same quarter last year.

NBW Capital LLC cut its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 206,865 shares of the company's stock after selling 49,269 shares during the quarter. NBW Capital LLC owned approximately 0.17% of Sonos worth $2,207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Headlands Technologies LLC lifted its holdings in Sonos by 38.8% during the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock valued at $83,000 after purchasing an additional 2,168 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Sonos by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,738,910 shares of the company's stock valued at $18,554,000 after purchasing an additional 40,539 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Sonos by 5.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 57,985 shares of the company's stock valued at $619,000 after purchasing an additional 2,863 shares during the period. Blueshift Asset Management LLC raised its stake in shares of Sonos by 11.4% during the 1st quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock valued at $143,000 after purchasing an additional 1,367 shares during the period. Finally, US Bancorp DE raised its stake in shares of Sonos by 10.5% during the 1st quarter. US Bancorp DE now owns 48,331 shares of the company's stock valued at $516,000 after purchasing an additional 4,609 shares during the period. 85.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, major shareholder Coliseum Capital Management, L acquired 675,000 shares of the business's stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average cost of $11.25 per share, for a total transaction of $7,593,750.00. Following the acquisition, the insider owned 14,505,191 shares of the company's stock, valued at $163,183,398.75. This trade represents a 4.88% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders bought 2,629,786 shares of company stock valued at $28,221,317. 1.80% of the stock is currently owned by corporate insiders.

Sonos Price Performance

NASDAQ SONO traded up $0.36 during trading on Friday, reaching $11.33. The company's stock had a trading volume of 2,066,005 shares, compared to its average volume of 2,108,532. The stock has a market capitalization of $1.37 billion, a PE ratio of -17.43 and a beta of 2.04. The firm has a fifty day moving average of $10.64 and a 200 day moving average of $10.94. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings data 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 return on equity of 18.19% and a negative net margin of 5.41%. The firm had revenue of $344.76 million during the quarter, compared to analysts' expectations of $324.66 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. Sonos's revenue for the quarter was down 13.2% compared to the same quarter last year. Research analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on SONO shares. Rosenblatt Securities boosted their price objective on Sonos from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Thursday. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd.

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.