Louisiana State Employees Retirement System Cuts Position in Sonos, Inc. (NASDAQ:SONO)

Louisiana State Employees Retirement System decreased its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 5.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 58,500 shares of the company’s stock after selling 3,300 shares during the period. Louisiana State Employees Retirement System’s holdings in Sonos were worth $719,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. ProShare Advisors LLC boosted its stake in shares of Sonos by 4.6% in the first quarter. ProShare Advisors LLC now owns 24,973 shares of the company’s stock worth $476,000 after buying an additional 1,092 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Sonos by 3.0% in the third quarter. Diversified Trust Co now owns 41,244 shares of the company’s stock valued at $507,000 after purchasing an additional 1,184 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Sonos by 6.2% during the 2nd quarter. Mackenzie Financial Corp now owns 21,075 shares of the company’s stock worth $311,000 after acquiring an additional 1,233 shares during the period. Sei Investments Co. grew its holdings in shares of Sonos by 0.4% during the 1st quarter. Sei Investments Co. now owns 315,913 shares of the company’s stock worth $6,021,000 after purchasing an additional 1,354 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in shares of Sonos by 6.0% during the 2nd 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. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $13.48 on Tuesday. The firm has a market capitalization of $1.63 billion, a P/E ratio of -96.29 and a beta of 2.04. Sonos, Inc. has a one year low of $10.10 and a one year high of $19.76. The company’s fifty day moving average is $12.25 and its two-hundred day moving average is $13.92.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $397.15 million during the quarter, compared to the consensus estimate of $391.23 million. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. On average, sell-side analysts forecast that Sonos, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Activity at Sonos

In related news, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction on Friday, August 16th. The stock was sold at an average price of $11.56, for a total value of $74,423.28. Following the transaction, the insider now owns 26,588 shares in the company, valued at approximately $307,357.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SONO shares. Morgan Stanley lowered 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. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and lowered their target price for the stock from $25.00 to $10.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $14.25.

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.