43,836 Shares in Sonos, Inc. (NASDAQ:SONO) Acquired by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 43,836 shares of the company's stock, valued at approximately $539,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Covestor Ltd lifted its position in Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company's stock worth $38,000 after acquiring an additional 1,571 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Sonos in the 2nd quarter valued at $46,000. Quest Partners LLC grew its position in Sonos by 138.8% in the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company's stock valued at $72,000 after buying an additional 2,819 shares during the last quarter. KBC Group NV increased 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 buying an additional 1,670 shares during the period. Finally, nVerses Capital LLC purchased a new position in Sonos during the 2nd quarter worth $81,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Sonos Trading Down 5.1 %

Shares of SONO traded down $0.70 during trading hours on Friday, reaching $13.05. The company had a trading volume of 1,955,172 shares, compared to its average volume of 1,856,046. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76. The firm has a 50 day simple moving average of $12.57 and a 200-day simple moving average of $13.73. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -39.54 and a beta of 2.04.

Sonos (NASDAQ:SONO - Get Free Report) last issued its 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 net margin of 2.51% and a negative return on equity of 4.97%. The company's quarterly revenue was down 16.3% on a year-over-year basis. During the same period last year, the business posted ($0.21) earnings per share. Sell-side analysts forecast that Sonos, Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SONO. Morgan Stanley downgraded shares of Sonos from an "overweight" rating to an "underweight" rating and lowered their target price for the company from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum lowered Sonos from a "buy" rating to a "hold" rating and lowered their price objective for the company 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.