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

Several other hedge funds have also added to or reduced their stakes in SONO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position 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 worth $1,030,000 after acquiring an additional 1,033 shares during the last quarter. Fox Run Management L.L.C. boosted its position in Sonos by 10.1% during the 1st quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company's stock worth $132,000 after acquiring an additional 1,128 shares during the last quarter. Blueshift Asset Management LLC boosted its position in Sonos by 11.4% during the 1st quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock worth $143,000 after acquiring an additional 1,367 shares during the last quarter. Headlands Technologies LLC boosted its position in Sonos by 38.8% during the 1st quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after acquiring an additional 2,168 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in Sonos by 5.1% during the 1st quarter. HighTower Advisors LLC now owns 49,958 shares of the company's stock worth $533,000 after acquiring an additional 2,407 shares during the last quarter. Institutional investors own 85.82% of the company's stock.

Insiders Place Their Bets

In other Sonos news, CFO Saori Casey purchased 22,727 shares of the company'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 purchase, the chief financial officer owned 107,000 shares in the company, valued at approximately $1,170,580. The trade was a 26.97% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Thomas Conrad purchased 92,300 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average price of $11.10 per share, for a total transaction of $1,024,530.00. Following the purchase, the chief executive officer owned 242,778 shares in the company, valued at $2,694,835.80. This trade represents a 61.34% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,950,069 shares of company stock worth $31,713,016 in the last quarter. Insiders own 1.80% of the company's stock.

Sonos Trading Up 0.4%

Shares of Sonos stock traded up $0.06 on Monday, reaching $14.75. 1,825,497 shares of the company were exchanged, compared to its average volume of 2,011,089. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -22.69 and a beta of 2.17. The company has a 50-day moving average of $11.94 and a 200 day moving average of $10.92.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $344.76 million for the quarter, compared to the consensus estimate of $324.66 million. During the same quarter in the prior year, the company earned $0.03 EPS. The company's revenue for the quarter was down 13.2% on a year-over-year basis. Analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

SONO has been the subject of a number of recent research reports. Rosenblatt Securities reaffirmed 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 investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $13.67.

Sonos Company 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.