State Street Corp Has $57.97 Million Stake in Sonos, Inc. (NASDAQ:SONO)

State Street Corp lowered its position in Sonos, Inc. (NASDAQ:SONO) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,716,851 shares of the company’s stock after selling 110,977 shares during the quarter. State Street Corp owned approximately 3.90% of Sonos worth $57,970,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in shares of Sonos by 24.8% in the 2nd quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after purchasing an additional 699,975 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in Sonos by 67.9% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock valued at $20,352,000 after buying an additional 669,658 shares during the period. LMR Partners LLP bought a new stake in Sonos in the third quarter valued at approximately $7,412,000. Victory Capital Management Inc. lifted its position in shares of Sonos by 21.9% in the second quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company’s stock valued at $27,199,000 after buying an additional 331,293 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Sonos by 1,725.4% during the 2nd quarter. Renaissance Technologies LLC now owns 337,700 shares of the company’s stock worth $4,984,000 after acquiring an additional 319,200 shares during the period. Institutional investors own 85.82% of the company’s stock.

Sonos Stock Down 4.1 %

Shares of NASDAQ:SONO opened at $13.96 on Thursday. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76. The business has a 50 day moving average of $13.47 and a 200-day moving average of $13.29. The stock has a market cap of $1.70 billion, a PE ratio of -42.30 and a beta of 2.04.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.22). The firm 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 business’s revenue for the quarter was down 16.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.21) earnings per share. Equities research analysts expect that Sonos, Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and cut their price target for the company from $25.00 to $11.00 in a 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.