International Assets Investment Management LLC Buys 6,767 Shares of Sonos, Inc. (NASDAQ:SONO)

International Assets Investment Management LLC lifted its stake in Sonos, Inc. (NASDAQ:SONO) by 927.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,497 shares of the company’s stock after purchasing an additional 6,767 shares during the period. International Assets Investment Management LLC’s holdings in Sonos were worth $92,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Covestor Ltd increased its stake in shares of Sonos by 376.7% in the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Sonos in the second quarter valued at about $46,000. Quest Partners LLC increased its position in Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after purchasing an additional 2,819 shares during the period. nVerses Capital LLC bought a new stake in Sonos during the 2nd quarter worth about $81,000. Finally, Everence Capital Management Inc. acquired a new position in Sonos during the 1st quarter valued at about $283,000. Institutional investors own 85.82% of the company’s stock.

Sonos Trading Down 0.8 %

Sonos stock opened at $13.52 on Friday. The firm has a market capitalization of $1.64 billion, a P/E ratio of -96.56 and a beta of 2.04. The business has a 50-day moving average of $12.31 and a 200-day moving average of $13.90. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.76.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data 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 analysts’ expectations of $391.23 million. Sonos had a negative net margin of 1.04% and a positive return on equity of 0.42%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.02 earnings per share. Research analysts anticipate that Sonos, Inc. will post -0.28 EPS for the current fiscal year.

Insider Transactions at Sonos

In related news, insider Shamayne Braman sold 6,438 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.56, for a total value of $74,423.28. Following the completion of the sale, the insider now owns 26,588 shares in the company, valued at $307,357.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SONO. Craig Hallum cut shares of Sonos from a “buy” rating to a “hold” rating and lowered their price target for the stock from $25.00 to $10.00 in a research report on Thursday, August 8th. Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their target price for the stock from $25.00 to $11.00 in a report on Thursday, September 26th.

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.