Jacobs Levy Equity Management Inc. Sells 399,219 Shares of Sonos, Inc. (NASDAQ:SONO)

Jacobs Levy Equity Management Inc. trimmed its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 12.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,779,043 shares of the company's stock after selling 399,219 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 2.30% of Sonos worth $34,154,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of SONO. Price T Rowe Associates Inc. MD increased its position in Sonos by 5.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 78,706 shares of the company's stock worth $1,501,000 after acquiring an additional 4,086 shares during the period. Harbor Capital Advisors Inc. increased its position in Sonos by 26.4% during the second quarter. Harbor Capital Advisors Inc. now owns 38,114 shares of the company's stock worth $563,000 after acquiring an additional 7,971 shares during the period. U.S. Capital Wealth Advisors LLC increased its position in Sonos by 893.5% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 103,325 shares of the company's stock worth $1,525,000 after acquiring an additional 92,925 shares during the period. 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 acquiring an additional 165,118 shares during the period. Finally, Granite Bay Wealth Management LLC bought a new position in Sonos during the second quarter worth about $686,000. 85.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on SONO. Craig Hallum lowered shares of Sonos from a "buy" rating to a "hold" rating and decreased their target price for the company from $25.00 to $10.00 in a report on Thursday, August 8th. Morgan Stanley lowered shares of Sonos from an "overweight" rating to an "underweight" rating and decreased their target price for the company from $25.00 to $11.00 in a report on Thursday, September 26th.

Sonos Price Performance

SONO stock traded up $0.56 during trading on Wednesday, reaching $14.75. 770,042 shares of the company were exchanged, compared to its average volume of 1,923,344. The company has a 50-day moving average of $12.92 and a two-hundred day moving average of $13.40. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of -43.00 and a beta of 2.04. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $247.92 million. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. Sonos's revenue for the quarter was down 16.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.21) earnings per share. On average, 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.