Voya Investment Management LLC Sells 26,091 Shares of Sonos, Inc. $SONO

Key Points

• Voya Investment Management LLC has reduced its holdings in Sonos, Inc. by 9.6%, owning approximately 0.20% of the company after selling over 26,000 shares.
• Sonos reported a quarterly earnings miss with an EPS of ($0.03), missing expectations by one cent; however, its revenue was $344.76 million, exceeding estimates.
• Insider transactions included CFO Saori Casey purchasing 22,727 shares and CEO Thomas Conrad acquiring 92,300 shares, significantly increasing their ownership stakes.

Voya Investment Management LLC cut its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 9.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 244,451 shares of the company's stock after selling 26,091 shares during the quarter. Voya Investment Management LLC owned 0.20% of Sonos worth $2,608,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Coliseum Capital Management LLC grew its holdings in Sonos by 9.7% during the 1st quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock worth $125,645,000 after acquiring an additional 1,041,569 shares during the last quarter. Trigran Investments Inc. increased its stake in Sonos by 24.0% in the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock valued at $56,006,000 after purchasing an additional 1,017,223 shares in the last quarter. Nuveen LLC acquired a new position in Sonos during the first quarter worth $5,067,000. Jones Financial Companies Lllp raised its holdings in Sonos by 22,701.2% during the first quarter. Jones Financial Companies Lllp now owns 353,190 shares of the company's stock worth $3,769,000 after buying an additional 351,641 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Sonos by 10.6% during the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock worth $54,957,000 after buying an additional 351,057 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SONO has been the subject of several analyst reports. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 target price on shares of Sonos in a research report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $13.67.

Insider Activity at Sonos

In related news, CFO Saori Casey purchased 22,727 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $10.94 per share, for a total transaction of $248,633.38. Following the completion of the acquisition, the chief financial officer directly owned 107,000 shares in the company, valued at approximately $1,170,580. The trade was a 26.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Conrad purchased 92,300 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average price of $11.10 per share, for a total transaction of $1,024,530.00. Following the acquisition, the chief executive officer owned 242,778 shares of the company's stock, valued at $2,694,835.80. This represents a 61.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 1,875,053 shares of company stock worth $20,886,926. 1.80% of the stock is currently owned by insiders.

Sonos Stock Performance

Shares of NASDAQ SONO traded up $0.22 during mid-day trading on Tuesday, hitting $15.78. The stock had a trading volume of 438,307 shares, compared to its average volume of 1,990,283. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.95. The business has a 50 day moving average price of $12.89 and a two-hundred day moving average price of $11.09. The firm has a market cap of $1.91 billion, a P/E ratio of -24.28 and a beta of 2.17.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 period in the previous year, the firm earned $0.03 earnings per share. The firm's quarterly revenue was down 13.2% compared to the same quarter last year. Equities research analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

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.