Sonos, Inc. $SONO Position Cut by Trigran Investments Inc.

Trigran Investments Inc. reduced its position in shares of Sonos, Inc. (NASDAQ:SONO) by 16.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,404,484 shares of the company’s stock after selling 844,451 shares during the period. Sonos comprises about 8.2% of Trigran Investments Inc.’s holdings, making the stock its 5th largest holding. Trigran Investments Inc. owned about 3.64% of Sonos worth $47,612,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SONO. Coliseum Capital Management LLC lifted its stake in Sonos by 9.7% during the 1st quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company’s stock worth $125,645,000 after acquiring an additional 1,041,569 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Sonos by 3.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 3,283,633 shares of the company’s stock worth $35,036,000 after purchasing an additional 96,111 shares during the period. Schroder Investment Management Group increased its stake in Sonos by 2.0% during the second quarter. Schroder Investment Management Group now owns 3,281,397 shares of the company’s stock worth $35,472,000 after purchasing an additional 63,302 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its position in shares of Sonos by 22.0% during the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,039,098 shares of the company’s stock worth $22,043,000 after purchasing an additional 368,282 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Sonos by 2.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,738,910 shares of the company’s stock valued at $18,554,000 after purchasing an additional 40,539 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Down 1.5%

Shares of Sonos stock opened at $18.76 on Friday. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $19.08. The company has a market capitalization of $2.26 billion, a P/E ratio of -36.08 and a beta of 2.01. The company has a 50 day moving average of $17.03 and a 200 day moving average of $13.67.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.11). The firm had revenue of $287.90 million during the quarter, compared to analysts’ expectations of $535.43 million. Sonos had a negative net margin of 4.24% and a negative return on equity of 11.66%. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.44) earnings per share. As a group, research analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SONO shares. Morgan Stanley set a $17.00 target price on shares of Sonos and gave the stock an “equal weight” rating in a research note on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a research note on Wednesday, October 8th. Rosenblatt Securities upped their price objective on Sonos from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, November 6th. Finally, Wall Street Zen upgraded Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Sonos has a consensus rating of “Hold” and an average target price of $17.00.

Insiders Place Their Bets

In other Sonos news, CEO Thomas Conrad purchased 62,325 shares of the business’s stock in a transaction on Monday, November 17th. The shares were bought at an average cost of $16.17 per share, for a total transaction of $1,007,795.25. Following the completion of the purchase, the chief executive officer directly owned 305,103 shares in the company, valued at approximately $4,933,515.51. This represents a 25.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by corporate insiders.

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.