JPMorgan Chase & Co. Decreases Stake in Sonos, Inc. (NASDAQ:SONO)

JPMorgan Chase & Co. trimmed its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 1.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,480,241 shares of the company's stock after selling 73,380 shares during the quarter. JPMorgan Chase & Co. owned 3.68% of Sonos worth $55,062,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Pacer Advisors Inc. increased 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 valued at $51,946,000 after buying an additional 699,975 shares during the period. Wellington Management Group LLP lifted its holdings in Sonos by 23.4% during the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company's stock worth $40,594,000 after buying an additional 626,172 shares during the period. American Century Companies Inc. boosted its position in Sonos by 8.6% during the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company's stock valued at $39,691,000 after acquiring an additional 212,610 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Sonos by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company's stock worth $39,248,000 after acquiring an additional 241,700 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Sonos by 21.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company's stock worth $27,199,000 after purchasing an additional 331,293 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Morgan Stanley lowered Sonos from an "overweight" rating to an "underweight" rating and cut their target price for the company from $25.00 to $11.00 in a research note on Thursday, September 26th.

Sonos Price Performance

NASDAQ SONO traded up $0.34 on Friday, hitting $15.08. The stock had a trading volume of 1,071,149 shares, compared to its average volume of 1,123,074. The business's fifty day moving average price is $14.03 and its 200 day moving average price is $13.23. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -45.70 and a beta of 1.99. Sonos, Inc. has a 52-week low of $10.23 and a 52-week high of $19.76.

Sonos (NASDAQ:SONO - Get Free Report) last announced 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). Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The business had revenue of $255.38 million for the quarter, compared to analysts' expectations of $247.92 million. During the same quarter last year, the firm earned ($0.21) earnings per share. The firm's quarterly revenue was down 16.3% compared to the same quarter last year. As a group, sell-side analysts anticipate 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.