Rhumbline Advisers Lowers Position in Sonos, Inc. (NASDAQ:SONO)

Rhumbline Advisers trimmed its position in shares of Sonos, Inc. (NASDAQ:SONO) by 0.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 372,519 shares of the company’s stock after selling 1,806 shares during the quarter. Rhumbline Advisers owned approximately 0.30% of Sonos worth $5,498,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. ProShare Advisors LLC increased its holdings in Sonos by 4.6% in the first quarter. ProShare Advisors LLC now owns 24,973 shares of the company’s stock valued at $476,000 after buying an additional 1,092 shares in the last quarter. Sei Investments Co. grew its holdings in Sonos by 0.4% in the first quarter. Sei Investments Co. now owns 315,913 shares of the company’s stock valued at $6,021,000 after purchasing an additional 1,354 shares during the period. WNY Asset Management LLC increased its position in shares of Sonos by 7.5% in the fourth quarter. WNY Asset Management LLC now owns 20,715 shares of the company’s stock valued at $355,000 after buying an additional 1,450 shares in the last quarter. Covestor Ltd raised its stake in shares of Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after buying an additional 1,571 shares during the period. Finally, Diversified Trust Co lifted its position in shares of Sonos by 6.4% during the 2nd quarter. Diversified Trust Co now owns 40,060 shares of the company’s stock valued at $591,000 after buying an additional 2,403 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Nicholas Millington sold 7,730 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $14.70, for a total value of $113,631.00. Following the completion of the sale, the insider now owns 371,614 shares of the company’s stock, valued at $5,462,725.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Nicholas Millington sold 7,730 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $14.70, for a total transaction of $113,631.00. Following the transaction, the insider now owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Shamayne Braman sold 6,438 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the sale, the insider now directly owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. The disclosure for this sale can be found here. Insiders have sold 25,073 shares of company stock valued at $346,129 in the last ninety days. 3.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Craig Hallum cut shares of Sonos from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $25.00 to $10.00 in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.75.

Sonos Stock Performance

NASDAQ SONO opened at $11.78 on Friday. Sonos, Inc. has a one year low of $9.78 and a one year high of $19.76. The business has a fifty day moving average price of $12.62 and a 200 day moving average price of $15.49. The company has a market cap of $1.43 billion, a P/E ratio of -33.66 and a beta of 2.04.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. The firm had revenue of $397.15 million for the quarter, compared to the consensus estimate of $391.23 million. Sonos had a negative net margin of 1.04% and a positive return on equity of 0.42%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $0.02 earnings per share. As a group, sell-side analysts predict that Sonos, Inc. will post 0.23 EPS for the current fiscal 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.