The Manufacturers Life Insurance Company Has $1.02 Million Stock Position in Sonos, Inc. (NASDAQ:SONO)

The Manufacturers Life Insurance Company lifted its stake in Sonos, Inc. (NASDAQ:SONO) by 2.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,877 shares of the company’s stock after buying an additional 1,628 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Sonos worth $1,017,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SONO. WNY Asset Management LLC raised its holdings in shares of Sonos by 7.5% in the 4th quarter. WNY Asset Management LLC now owns 20,715 shares of the company’s stock worth $355,000 after buying an additional 1,450 shares in the last quarter. Virtu Financial LLC bought a new stake in Sonos during the 4th quarter worth approximately $193,000. Centaurus Financial Inc. bought a new stake in Sonos during the 4th quarter worth approximately $112,000. Wellington Management Group LLP grew its position in Sonos by 8.1% during the 4th quarter. Wellington Management Group LLP now owns 2,963,231 shares of the company’s stock worth $50,790,000 after acquiring an additional 221,875 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Sonos by 7.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,789 shares of the company’s stock worth $888,000 after acquiring an additional 3,702 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Sonos Stock Down 0.8 %

SONO stock opened at $11.82 on Friday. The business’s fifty day moving average is $11.89 and its 200-day moving average is $14.55. The company has a market cap of $1.45 billion, a P/E ratio of -33.77 and a beta of 2.05. Sonos, Inc. has a twelve month low of $9.78 and a twelve month high of $19.76.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. The company had revenue of $397.15 million for 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 firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.02 EPS. Research analysts anticipate that Sonos, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Shamayne Braman sold 6,438 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.56, for a total transaction of $74,423.28. Following the sale, the insider now owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Shamayne Braman sold 6,438 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.56, for a total transaction of $74,423.28. Following the sale, the insider now owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christopher Scott Mason sold 10,000 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 122,009 shares in the company, valued at $1,763,030.05. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by company 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.