Algert Global LLC Purchases 93,034 Shares of Sonos, Inc. (NASDAQ:SONO)

Algert Global LLC grew its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 146.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 156,570 shares of the company's stock after acquiring an additional 93,034 shares during the period. Algert Global LLC owned 0.13% of Sonos worth $1,924,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Systematic Financial Management LP grew its position in Sonos by 39.9% in the second quarter. Systematic Financial Management LP now owns 765,263 shares of the company's stock worth $11,295,000 after acquiring an additional 218,061 shares in the last quarter. SG Americas Securities LLC increased its position in Sonos by 2,222.0% during the second quarter. SG Americas Securities LLC now owns 172,549 shares of the company's stock worth $2,547,000 after buying an additional 165,118 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Sonos by 42.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 877,758 shares of the company's stock valued at $10,788,000 after buying an additional 263,060 shares in the last quarter. Magnetar Financial LLC acquired a new stake in shares of Sonos in the second quarter worth about $600,000. Finally, Cornercap Investment Counsel Inc. bought a new stake in shares of Sonos during the 3rd quarter worth about $539,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on SONO. Craig Hallum downgraded Sonos from a "buy" rating to a "hold" rating and cut their price objective for the company from $25.00 to $10.00 in a research note on Thursday, August 8th. Morgan Stanley downgraded Sonos from an "overweight" rating to an "underweight" rating and lowered their price target for the company from $25.00 to $11.00 in a research report on Thursday, September 26th.

Sonos Stock Performance

Shares of NASDAQ:SONO traded up $0.47 during midday trading on Thursday, reaching $13.64. 1,450,293 shares of the company's stock were exchanged, compared to its average volume of 1,935,206. The company's 50 day simple moving average is $12.82 and its two-hundred day simple moving average is $13.51. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.76. The firm has a market capitalization of $1.66 billion, a PE ratio of -41.33 and a beta of 2.04.

Sonos (NASDAQ:SONO - Get Free Report) last released its earnings results 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 company had revenue of $255.38 million during the quarter, compared to analyst estimates of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The company's quarterly revenue was down 16.3% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.21) EPS. On average, research analysts anticipate that Sonos, Inc. will post -0.3 earnings per share for the current year.

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.