State Street Corp Has $57.97 Million Position in Sonos, Inc. (NASDAQ:SONO)

State Street Corp cut its stake in Sonos, Inc. (NASDAQ:SONO) by 2.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 4,716,851 shares of the company’s stock after selling 110,977 shares during the quarter. State Street Corp’s holdings in Sonos were worth $57,970,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of SONO. Systematic Financial Management LP raised its stake in Sonos by 19.0% in the third quarter. Systematic Financial Management LP now owns 910,354 shares of the company’s stock valued at $11,188,000 after purchasing an additional 145,091 shares in the last quarter. Portolan Capital Management LLC acquired a new position in shares of Sonos in the 3rd quarter valued at approximately $3,255,000. Holocene Advisors LP bought a new stake in shares of Sonos during the 3rd quarter worth approximately $1,416,000. Edgestream Partners L.P. acquired a new stake in shares of Sonos during the 3rd quarter worth approximately $381,000. Finally, PDT Partners LLC increased its stake in Sonos by 29.1% in the third quarter. PDT Partners LLC now owns 277,454 shares of the company’s stock valued at $3,410,000 after acquiring an additional 62,604 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Trading Down 4.1 %

SONO opened at $13.96 on Thursday. The company’s 50 day moving average is $13.47 and its 200-day moving average is $13.29. The company has a market cap of $1.70 billion, a P/E ratio of -42.30 and a beta of 2.04. Sonos, Inc. has a 1-year low of $10.23 and a 1-year high of $19.76.

Sonos (NASDAQ:SONO) last posted its earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $255.38 million for the quarter, compared to the consensus estimate of $247.92 million. During the same period in the previous year, the firm posted ($0.21) EPS. The business’s quarterly revenue was down 16.3% compared to the same quarter last year. On average, equities analysts forecast that Sonos, Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and reduced their target price for the company from $25.00 to $11.00 in a report on Thursday, September 26th.

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.