Russell Investments Group Ltd. Lowers Stock Holdings in Sonos, Inc. $SONO

Key Points

• Russell Investments Group Ltd. reduced its holdings in Sonos, Inc. by 12.4% during the first quarter, bringing its ownership to 191,420 shares worth approximately $2,042,000.
• A significant increase in ownership was reported by Coliseum Capital Management, which acquired 675,000 shares of Sonos, increasing its stake by 4.88%.
• Sonos reported a revenue decline of 13.2% year-over-year in its latest earnings report, missing analyst estimates, with a loss of ($0.03) EPS.

Russell Investments Group Ltd. lowered its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,420 shares of the company's stock after selling 27,005 shares during the period. Russell Investments Group Ltd. owned 0.16% of Sonos worth $2,042,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SONO. Coliseum Capital Management LLC grew its position in shares of Sonos by 50.3% in the fourth quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock valued at $161,440,000 after purchasing an additional 3,590,782 shares during the period. Freestone Grove Partners LP purchased a new stake in Sonos during the fourth quarter valued at about $18,125,000. Point72 Asset Management L.P. purchased a new stake in Sonos during the fourth quarter valued at about $13,057,000. Nuveen LLC purchased a new stake in Sonos during the first quarter valued at about $5,067,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Sonos by 14.7% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company's stock valued at $47,940,000 after acquiring an additional 408,479 shares during the period. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on SONO shares. Rosenblatt Securities reissued a "buy" rating and set a $17.00 price target on shares of Sonos in a research report on Wednesday, August 20th. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Sonos has an average rating of "Hold" and an average target price of $13.67.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 675,000 shares of Sonos stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $11.25 per share, for a total transaction of $7,593,750.00. Following the completion of the purchase, the insider directly owned 14,505,191 shares in the company, valued at $163,183,398.75. This trade represents a 4.88% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders bought a total of 2,950,069 shares of company stock worth $31,713,016 in the last 90 days. Insiders own 1.80% of the company's stock.

Sonos Price Performance

Shares of SONO opened at $13.36 on Tuesday. The stock's 50-day moving average is $11.26 and its two-hundred day moving average is $10.85. The stock has a market cap of $1.61 billion, a PE ratio of -20.55 and a beta of 2.04. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $15.89.

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