Geode Capital Management LLC Cuts Holdings in Sonos, Inc. (NASDAQ:SONO)

Geode Capital Management LLC decreased its position in Sonos, Inc. (NASDAQ:SONO) by 1.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,820,456 shares of the company’s stock after selling 37,898 shares during the period. Geode Capital Management LLC owned 2.33% of Sonos worth $34,670,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SONO. Gladius Capital Management LP bought a new position in shares of Sonos in the third quarter valued at approximately $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Sonos in the second quarter worth $46,000. KBC Group NV grew its stake in Sonos by 52.5% in the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after purchasing an additional 1,670 shares during the period. Quest Partners LLC increased its position in shares of Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Sonos during the 2nd quarter valued at $81,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sonos Trading Up 1.4 %

Shares of NASDAQ SONO opened at $14.78 on Thursday. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -44.79 and a beta of 2.04. The stock has a fifty day simple moving average of $13.68 and a two-hundred day simple moving average of $13.24. Sonos, Inc. has a 1-year low of $10.23 and a 1-year high of $19.76.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) earnings per share 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 analysts’ expectations of $247.92 million. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The company’s revenue was down 16.3% compared to the same quarter last year. During the same period last year, the business posted ($0.21) EPS. Analysts forecast that Sonos, Inc. will post -0.3 EPS for the current year.

Sonos Company 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.