JPMorgan Chase & Co. Lowers Stake in Sonos, Inc. (NASDAQ:SONO)

JPMorgan Chase & Co. lessened its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 1.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,480,241 shares of the company’s stock after selling 73,380 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.68% of Sonos worth $55,062,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SONO. Gladius Capital Management LP purchased a new position in Sonos in the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sonos in the 2nd quarter worth approximately $46,000. KBC Group NV raised its stake in shares of Sonos by 52.5% during the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock worth $60,000 after acquiring an additional 1,670 shares in the last quarter. Quest Partners LLC raised its stake in shares of Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after acquiring an additional 2,819 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in Sonos by 927.0% during the third quarter. International Assets Investment Management LLC now owns 7,497 shares of the company’s stock valued at $92,000 after acquiring an additional 6,767 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Stock Up 2.3 %

Shares of Sonos stock opened at $15.08 on Friday. The company has a 50 day moving average price of $14.03 and a 200 day moving average price of $13.24. The firm has a market capitalization of $1.84 billion, a P/E ratio of -45.70 and a beta of 1.99. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.76.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share (EPS) 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 return on equity of 4.97% and a negative net margin of 2.51%. The company’s quarterly revenue was down 16.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. As a group, research analysts anticipate that Sonos, Inc. will post -0.3 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.