Sonos, Inc. $SONO Shares Sold by Vanguard Group Inc.

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

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. increased its position in Sonos by 10.9% during the 4th quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company's stock worth $9,855,000 after purchasing an additional 64,241 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Sonos by 710.3% during the 1st quarter. GAMMA Investing LLC now owns 32,800 shares of the company's stock worth $350,000 after purchasing an additional 28,752 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Sonos by 62.3% during the first quarter. SG Americas Securities LLC now owns 66,277 shares of the company's stock worth $707,000 after buying an additional 25,438 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Sonos by 26.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 375,614 shares of the company's stock valued at $5,649,000 after buying an additional 77,765 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Sonos during the fourth quarter valued at approximately $2,125,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Wall Street Analyst Weigh In

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

Sonos Trading Up 3.0%

Shares of SONO traded up $0.38 during mid-day trading on Friday, reaching $13.26. The company had a trading volume of 1,899,137 shares, compared to its average volume of 2,635,823. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $15.89. The firm has a fifty day simple moving average of $11.20 and a 200-day simple moving average of $10.86. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -20.40 and a beta of 2.04.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results 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 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 last year, the business posted $0.03 earnings per share. The company's quarterly revenue was down 13.2% compared to the same quarter last year. As a group, equities analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at Sonos

In other news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $11.25 per share, for a total transaction of $7,593,750.00. Following the acquisition, the insider owned 14,505,191 shares of the company's stock, valued at $163,183,398.75. This trade represents a 4.88% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders bought 2,950,069 shares of company stock valued at $31,713,016. Insiders own 1.80% of the company's stock.

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.