HighTower Advisors LLC Has $587,000 Holdings in Sonos, Inc. (NASDAQ:SONO)

HighTower Advisors LLC trimmed its holdings in Sonos, Inc. (NASDAQ:SONO) by 1.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,010 shares of the company’s stock after selling 786 shares during the period. HighTower Advisors LLC’s holdings in Sonos were worth $587,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SONO. Systematic Financial Management LP raised its stake in Sonos by 39.9% in the 2nd quarter. Systematic Financial Management LP now owns 765,263 shares of the company’s stock valued at $11,295,000 after acquiring an additional 218,061 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Sonos by 42.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 877,758 shares of the company’s stock valued at $10,788,000 after purchasing an additional 263,060 shares during the last quarter. Crestwood Capital Management L.P. bought a new position in shares of Sonos in the third quarter valued at about $922,000. Magnetar Financial LLC acquired a new stake in shares of Sonos during the 2nd quarter worth about $600,000. Finally, Cornercap Investment Counsel Inc. bought a new stake in shares of Sonos during the 3rd quarter worth about $539,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Sonos Price Performance

Shares of NASDAQ SONO opened at $14.41 on Friday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -43.67 and a beta of 2.04. The stock’s fifty day moving average price is $13.52 and its two-hundred day moving average price is $13.30. Sonos, Inc. has a one year low of $10.23 and a one year high of $19.76.

Sonos (NASDAQ:SONO) last announced its earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The business had revenue of $255.38 million during 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 company’s revenue was down 16.3% compared to the same quarter last year. On average, equities analysts anticipate that Sonos, Inc. will post -0.3 earnings per share for the current fiscal year.

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.