Mackenzie Financial Corp Trims Holdings in Sonos, Inc. (NASDAQ:SONO)

Key Points

• Mackenzie Financial Corp has significantly reduced its stake in Sonos, Inc. by 80.8%, selling 72,733 shares and now holding 17,260 shares valued at $184,000.
• Coliseum Capital Management, a major shareholder, purchased 675,000 shares of Sonos for approximately $7.59 million, increasing their ownership to 14.5 million shares valued at $163.2 million.
• Sonos reported a revenue of $344.76 million in its latest quarterly earnings, surpassing analyst expectations, but experienced a 13.2% decline in revenue compared to the same quarter last year.

Mackenzie Financial Corp cut its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 80.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,260 shares of the company's stock after selling 72,733 shares during the period. Mackenzie Financial Corp's holdings in Sonos were worth $184,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 in the last quarter. Envestnet Asset Management Inc. grew its holdings in Sonos by 2.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 135,071 shares of the company's stock valued at $1,441,000 after buying an additional 3,591 shares in the last quarter. Mariner LLC grew its holdings in Sonos by 8.1% during the 4th quarter. Mariner LLC now owns 51,865 shares of the company's stock valued at $780,000 after buying an additional 3,908 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Sonos by 12.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,471 shares of the company's stock valued at $389,000 after buying an additional 4,053 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in Sonos by 5.9% during the 4th quarter. MetLife Investment Management LLC now owns 74,827 shares of the company's stock valued at $1,125,000 after buying an additional 4,179 shares in the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 675,000 shares of Sonos 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 owned 14,505,191 shares in the company, valued at $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 link. Insiders bought 2,950,069 shares of company stock valued at $31,713,016 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Sonos Trading Up 4.4%

Shares of SONO traded up $0.56 during trading hours on Wednesday, hitting $13.38. The company had a trading volume of 4,785,722 shares, compared to its average volume of 2,010,280. The company has a market capitalization of $1.62 billion, a PE ratio of -20.58 and a beta of 2.04. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89. The company's fifty day moving average price is $10.72 and its two-hundred day moving average price is $10.93.

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 the consensus estimate 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 for the quarter, compared to analyst estimates of $324.66 million. During the same period in the prior year, the company earned $0.03 earnings per share. The company's quarterly revenue was down 13.2% on a year-over-year basis. Analysts forecast 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.