ProShare Advisors LLC Reduces Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

ProShare Advisors LLC reduced its position in Sonos, Inc. (NASDAQ:SONO) by 23.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,053 shares of the company’s stock after selling 5,920 shares during the quarter. ProShare Advisors LLC’s holdings in Sonos were worth $281,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Covestor Ltd increased its holdings in Sonos by 376.7% in the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after acquiring an additional 1,571 shares during the last quarter. Quest Partners LLC raised its position in shares of Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the period. nVerses Capital LLC purchased a new stake in shares of Sonos during the 2nd quarter valued at approximately $81,000. Quent Capital LLC bought a new position in Sonos in the 1st quarter worth approximately $95,000. Finally, Centaurus Financial Inc. purchased a new position in Sonos in the 4th quarter valued at approximately $112,000. 85.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on SONO shares. Morgan Stanley lowered Sonos from an “overweight” rating to an “underweight” rating and cut their price target for the stock from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $10.00 in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Sonos currently has an average rating of “Hold” and a consensus target price of $14.25.

Insiders Place Their Bets

In other news, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Shamayne Braman sold 6,438 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.56, for a total transaction of $74,423.28. Following the transaction, the insider now directly owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christopher Scott Mason sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $14.45, for a total value of $144,500.00. Following the completion of the sale, the insider now owns 122,009 shares of the company’s stock, valued at approximately $1,763,030.05. The disclosure for this sale can be found here. Insiders sold a total of 17,343 shares of company stock valued at $232,498 in the last quarter. Corporate insiders own 3.30% of the company’s stock.

Sonos Stock Performance

Shares of SONO stock opened at $11.62 on Friday. Sonos, Inc. has a 52-week low of $9.78 and a 52-week high of $19.76. The business’s fifty day moving average is $12.06 and its 200 day moving average is $14.87. The company has a market capitalization of $1.41 billion, a PE ratio of -33.20 and a beta of 2.04.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $397.15 million during the quarter, compared to the consensus estimate of $391.23 million. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the company posted $0.02 EPS. On average, sell-side analysts forecast that Sonos, Inc. will post -0.29 EPS for the current fiscal year.

Sonos 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.