Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in Sonos, Inc. (NASDAQ:SONO) by 8.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,093 shares of the company’s stock after selling 2,835 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sonos were worth $358,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Diversified Trust Co grew its position in Sonos by 3.0% in the 3rd quarter. Diversified Trust Co now owns 41,244 shares of the company’s stock worth $507,000 after purchasing an additional 1,184 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Sonos by 6.2% in the second quarter. Mackenzie Financial Corp now owns 21,075 shares of the company’s stock valued at $311,000 after acquiring an additional 1,233 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Sonos by 3.3% during the third quarter. Harbor Capital Advisors Inc. now owns 39,381 shares of the company’s stock valued at $484,000 after acquiring an additional 1,267 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in Sonos by 6.0% during the second quarter. Daiwa Securities Group Inc. now owns 24,600 shares of the company’s stock worth $363,000 after acquiring an additional 1,400 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Sonos by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 68,877 shares of the company’s stock worth $1,017,000 after purchasing an additional 1,628 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Trading Up 3.4 %

NASDAQ:SONO opened at $14.70 on Monday. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.76. The firm’s 50 day moving average is $13.05 and its 200 day moving average is $13.36. The stock has a market capitalization of $1.79 billion, a PE ratio of -44.55 and a beta of 2.04.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). The firm had revenue of $255.38 million for the quarter, compared to analysts’ expectations of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The firm’s quarterly revenue was down 16.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.21) EPS. Research analysts predict that Sonos, Inc. will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

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

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.