Hawk Ridge Capital Management LP Decreases Stake in Sonos, Inc. $SONO

Key Points

• Hawk Ridge Capital Management LP reduced its stake in Sonos, Inc. by 13.7% during the first quarter, owning 952,086 shares after selling 151,700 shares.
• Several other institutional investors increased their holdings in Sonos, with GAMMA Investing LLC boosting its position by 710.3% in the same period.
• Sonos reported a negative EPS of ($0.03), missing expectations, but had better revenue of $344.76 million compared to analysts' predictions.

Hawk Ridge Capital Management LP lowered its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 13.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 952,086 shares of the company's stock after selling 151,700 shares during the quarter. Hawk Ridge Capital Management LP owned 0.80% of Sonos worth $10,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Coliseum Capital Management LLC increased its position in Sonos by 9.7% during the 1st quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock valued at $125,645,000 after purchasing an additional 1,041,569 shares during the period. Trigran Investments Inc. boosted its holdings in shares of Sonos by 24.0% during the 1st quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after buying an additional 1,017,223 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Sonos by 10.6% during the 4th 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 in the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Sonos by 14.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company's stock worth $47,940,000 after buying an additional 408,479 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings 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 worth $18,554,000 after buying an additional 40,539 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L acquired 675,000 shares of the company'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 purchase, the insider owned 14,505,191 shares in the company, 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 filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders acquired 2,950,069 shares of company stock worth $31,713,016. 1.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

Sonos Stock Up 1.5%

NASDAQ:SONO traded up $0.22 during trading hours on Tuesday, hitting $14.97. 826,623 shares of the company traded hands, compared to its average volume of 2,004,064. The firm's 50-day simple moving average is $12.02 and its 200-day simple moving average is $10.94. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89. The company has a market cap of $1.81 billion, a PE ratio of -23.02 and a beta of 2.17.

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). Sonos had a negative net margin of 5.41% and a negative return on equity of 18.19%. The company had revenue of $344.76 million for the quarter, compared to the consensus estimate of $324.66 million. During the same quarter last year, the business posted $0.03 earnings per share. Sonos's revenue was down 13.2% on a year-over-year basis. As a group, equities research analysts expect that Sonos, Inc. will post -0.37 EPS 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.