Zurcher Kantonalbank Zurich Cantonalbank Sells 2,835 Shares of Sonos, Inc. (NASDAQ:SONO)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 8.9% during the 3rd quarter, according to the company in its most recent 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 period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Sonos were worth $358,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Diversified Trust Co boosted its holdings in shares of Sonos by 3.0% during the 3rd quarter. Diversified Trust Co now owns 41,244 shares of the company’s stock worth $507,000 after buying an additional 1,184 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Sonos by 6.2% during the 2nd 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 during the period. Harbor Capital Advisors Inc. boosted its stake in Sonos by 3.3% during the third quarter. Harbor Capital Advisors Inc. now owns 39,381 shares of the company’s stock worth $484,000 after acquiring an additional 1,267 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Sonos by 6.0% in the second quarter. Daiwa Securities Group Inc. now owns 24,600 shares of the company’s stock worth $363,000 after purchasing an additional 1,400 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Sonos by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 68,877 shares of the company’s stock valued at $1,017,000 after purchasing an additional 1,628 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Sonos Stock Up 3.4 %

Shares of SONO opened at $14.70 on Monday. The business’s fifty day moving average is $13.05 and its 200 day moving average is $13.36. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76. The stock has a market cap of $1.79 billion, a P/E ratio of -44.55 and a beta of 2.04.

Sonos (NASDAQ:SONO) last released its quarterly earnings data 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 business had revenue of $255.38 million during the quarter, compared to the consensus estimate 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 last year, the business posted ($0.21) earnings per share. On average, analysts expect that Sonos, Inc. will post -0.3 EPS for the current year.

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.