Principal Financial Group Inc. Has $7.05 Million Stock Position in Sonos, Inc. (NASDAQ:SONO)

Principal Financial Group Inc. lessened its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 6.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 573,274 shares of the company’s stock after selling 37,104 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Sonos worth $7,046,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Sonos by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock valued at $271,627,000 after buying an additional 163,736 shares during the period. Pacer Advisors Inc. raised its holdings in shares of Sonos by 24.8% during the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock worth $51,946,000 after acquiring an additional 699,975 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Sonos by 10.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 2,890,787 shares of the company’s stock valued at $55,098,000 after purchasing an additional 266,748 shares during the last quarter. American Century Companies Inc. increased its position in Sonos by 8.6% in the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock worth $39,691,000 after purchasing an additional 212,610 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Sonos by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after purchasing an additional 241,700 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Stock Up 2.1 %

NASDAQ:SONO opened at $12.90 on Wednesday. The company’s 50 day moving average is $12.59 and its 200-day moving average is $13.68. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.76. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of -39.09 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 analysts’ consensus estimates of ($0.22) by ($0.22). The firm had revenue of $255.38 million for 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 revenue was down 16.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) earnings per share. Research analysts predict that Sonos, Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SONO has been the topic of a number of research reports. Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and dropped their price objective for the stock from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum cut shares of Sonos from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $10.00 in a report on Thursday, August 8th.

About Sonos

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.