Public Sector Pension Investment Board Trims Stake in Sonos, Inc. (NASDAQ:SONO)

Public Sector Pension Investment Board lessened its position in shares of Sonos, Inc. (NASDAQ:SONO) by 5.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 256,773 shares of the company’s stock after selling 13,600 shares during the quarter. Public Sector Pension Investment Board’s holdings in Sonos were worth $3,156,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its position in shares of Sonos by 73.7% during the third quarter. BNP Paribas Financial Markets now owns 129,567 shares of the company’s stock worth $1,592,000 after acquiring an additional 54,972 shares during the last quarter. Crestwood Capital Management L.P. purchased a new position in Sonos during the 3rd quarter worth $922,000. Dynamic Technology Lab Private Ltd acquired a new position in Sonos in the third quarter valued at $360,000. Algert Global LLC raised its holdings in shares of Sonos by 146.4% in the third quarter. Algert Global LLC now owns 156,570 shares of the company’s stock valued at $1,924,000 after buying an additional 93,034 shares during the last quarter. Finally, Meridian Wealth Management LLC boosted its stake in shares of Sonos by 20.0% during the third quarter. Meridian Wealth Management LLC now owns 19,760 shares of the company’s stock worth $243,000 after buying an additional 3,300 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SONO. Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and reduced their target price for the stock from $25.00 to $11.00 in a research note on Thursday, September 26th. Craig Hallum downgraded Sonos from a “buy” rating to a “hold” rating and decreased their price target for the company from $25.00 to $10.00 in a research note on Thursday, August 8th.

Sonos Trading Up 0.8 %

SONO stock opened at $14.19 on Wednesday. The company’s 50-day moving average price is $12.92 and its 200 day moving average price is $13.40. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.76. The company has a market cap of $1.73 billion, a P/E ratio of -43.00 and a beta of 2.04.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.22). Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The firm had revenue of $255.38 million for the quarter, compared to analysts’ expectations of $247.92 million. During the same period last year, the firm earned ($0.21) EPS. Sonos’s revenue was down 16.3% compared to the same quarter last year. On average, equities research analysts expect that Sonos, Inc. will post -0.3 earnings per share 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.