Trigran Investments Inc. Grows Stock Holdings in Sonos, Inc. $SONO

Key Points

• Trigran Investments has increased its stake in Sonos, Inc. by 24.0% during the first quarter, now holding approximately 4.41% of the company's total shares.
• Sonos reported a loss of ($0.03) earnings per share last quarter, missing estimates, with revenue declining 13.2% year-over-year.
• Several analysts have upgraded their ratings for Sonos, with Rosenblatt Securities raising its price target to $17.00 and encouraging a "buy" rating.

Trigran Investments Inc. grew its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 24.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,248,935 shares of the company's stock after buying an additional 1,017,223 shares during the period. Sonos makes up about 8.2% of Trigran Investments Inc.'s investment portfolio, making the stock its 6th largest holding. Trigran Investments Inc. owned about 4.41% of Sonos worth $56,006,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SONO. Coliseum Capital Management LLC raised its holdings in Sonos by 50.3% in the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock worth $161,440,000 after acquiring an additional 3,590,782 shares during the last quarter. Wellington Management Group LLP boosted its stake in Sonos by 10.6% during the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock valued at $54,957,000 after purchasing an additional 351,057 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Sonos by 14.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company's stock valued at $47,940,000 after purchasing an additional 408,479 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Sonos by 5.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company's stock valued at $40,413,000 after purchasing an additional 148,608 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in 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 last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Sonos Stock Down 3.0%

NASDAQ:SONO traded down $0.40 on Wednesday, hitting $12.91. The stock had a trading volume of 2,222,036 shares, compared to its average volume of 2,025,803. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -19.86 and a beta of 2.04. The business's 50-day simple moving average is $11.02 and its two-hundred day simple moving average is $10.91.

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

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 675,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were acquired 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 owned 14,505,191 shares of the company's stock, valued at approximately $163,183,398.75. The trade was a 4.88% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have purchased 2,950,069 shares of company stock valued at $31,713,016 in the last 90 days. 1.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on SONO. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 target price on shares of Sonos in a research note on Wednesday. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $13.67.

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.