Vanguard Group Inc. Cuts Position in Sonos, Inc. $SONO

Key Points

• Vanguard Group Inc. has reduced its holdings in Sonos, Inc. by 10.4%, selling 1,471,907 shares, leaving it with a total of 12,646,034 shares valued at approximately $134.93 million.
• Equities analysts have a consensus rating of "Hold" for Sonos, with a target price of $13.67, following a recent upgrade from a "sell" to a "hold" rating by Wall Street Zen.
• Sonos reported a revenue of $344.76 million for its most recent quarter, which is down 13.2% year-over-year, and missed earnings estimates by $0.01 per share.

Vanguard Group Inc. decreased its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 10.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,646,034 shares of the company's stock after selling 1,471,907 shares during the quarter. Vanguard Group Inc. owned about 10.62% of Sonos worth $134,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Coliseum Capital Management LLC raised its holdings in Sonos by 50.3% during the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock valued at $161,440,000 after acquiring an additional 3,590,782 shares during the period. Wellington Management Group LLP raised its holdings 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 acquiring an additional 351,057 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings 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 acquiring an additional 408,479 shares during the period. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 148,608 shares during the period. Finally, Northern Trust Corp raised its holdings in Sonos by 9.0% during the 4th quarter. Northern Trust Corp now owns 1,317,712 shares of the company's stock valued at $19,818,000 after acquiring an additional 109,269 shares during the period. Institutional investors own 85.82% of the company's stock.

Insider Transactions at Sonos

In related news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the business's 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have acquired 2,950,069 shares of company stock valued at $31,713,016 in the last ninety days. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Rosenblatt Securities restated a "buy" rating and set a $17.00 price target on shares of Sonos in a research report on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $13.67.

Sonos Trading Up 2.2%

Shares of SONO traded up $0.30 during mid-day trading on Wednesday, reaching $13.94. 1,856,476 shares of the stock traded hands, compared to its average volume of 2,529,673. The firm has a fifty day moving average price of $11.41 and a 200 day moving average price of $10.90. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -21.45 and a beta of 2.04. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.89.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $344.76 million for the quarter, compared to analysts' expectations of $324.66 million. During the same quarter last year, the firm earned $0.03 earnings per share. The firm's revenue for the quarter was down 13.2% on a year-over-year basis. On average, sell-side analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current 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.