Victory Capital Management Inc. Sells 1,770,314 Shares of Sonos, Inc. (NASDAQ:SONO)

Victory Capital Management Inc. reduced its stake in Sonos, Inc. (NASDAQ:SONO) by 96.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 72,456 shares of the company’s stock after selling 1,770,314 shares during the period. Victory Capital Management Inc. owned 0.06% of Sonos worth $890,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Sonos by 1.2% in the first quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock valued at $271,627,000 after purchasing an additional 163,736 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Sonos by 24.8% during the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock worth $51,946,000 after acquiring an additional 699,975 shares in the last quarter. American Century Companies Inc. increased its position in shares of Sonos by 8.6% during the second quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock worth $39,691,000 after acquiring an additional 212,610 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Sonos by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after acquiring an additional 241,700 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its position in shares of Sonos by 67.9% during the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock worth $20,352,000 after acquiring an additional 669,658 shares in the last quarter. 85.82% of the stock is owned by institutional investors.

Sonos Stock Performance

Shares of SONO stock opened at $13.64 on Thursday. Sonos, Inc. has a 52-week low of $10.23 and a 52-week high of $19.76. The company has a 50-day simple moving average of $12.82 and a two-hundred day simple moving average of $13.51. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -41.33 and a beta of 2.04.

Sonos (NASDAQ:SONO) last released 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). The company had revenue of $255.38 million during 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 revenue was down 16.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.21) earnings per share. On average, sell-side analysts forecast that Sonos, Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.