Crestwood Capital Management L.P. Makes New Investment in Sonos, Inc. (NASDAQ:SONO)

Crestwood Capital Management L.P. acquired a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 75,000 shares of the company's stock, valued at approximately $922,000. Sonos accounts for 0.7% of Crestwood Capital Management L.P.'s holdings, making the stock its 16th largest holding. Crestwood Capital Management L.P. owned approximately 0.06% of Sonos as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Sonos by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company's stock worth $271,627,000 after purchasing an additional 163,736 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in 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 purchasing an additional 699,975 shares during the last quarter. American Century Companies Inc. grew its position in Sonos by 8.6% in the second quarter. American Century Companies Inc. now owns 2,689,118 shares of the company's stock valued at $39,691,000 after purchasing an additional 212,610 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in 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 buying an additional 241,700 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Sonos by 21.9% in the second quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company's stock valued at $27,199,000 after purchasing an additional 331,293 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Morgan Stanley lowered shares of Sonos from an "overweight" rating to an "underweight" rating and lowered their price objective for the stock from $25.00 to $11.00 in a research note on Thursday, September 26th. Craig Hallum cut 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 report on Thursday, August 8th.

Sonos Stock Performance

NASDAQ:SONO traded down $0.66 during mid-day trading on Tuesday, reaching $13.34. 659,094 shares of the company's stock were exchanged, compared to its average volume of 1,931,167. The business's fifty day simple moving average is $12.78 and its two-hundred day simple moving average is $13.54. Sonos, Inc. has a one year low of $10.23 and a one year high of $19.76. The firm has a market capitalization of $1.62 billion, a PE ratio of -42.42 and a beta of 2.04.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings data 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). Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The business had revenue of $255.38 million during the quarter, compared to analyst estimates of $247.92 million. During the same period last year, the business earned ($0.21) earnings per share. The business's quarterly revenue was down 16.3% compared to the same quarter last year. As a group, equities research analysts forecast that Sonos, Inc. will post -0.3 EPS 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.