State Street Corp Has $57.97 Million Stake in Sonos, Inc. (NASDAQ:SONO)

State Street Corp cut its position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 2.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,716,851 shares of the company's stock after selling 110,977 shares during the quarter. State Street Corp owned 3.90% of Sonos worth $57,970,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SONO. Pacer Advisors Inc. lifted its position in shares of Sonos by 24.8% in the 2nd quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company's stock worth $51,946,000 after buying an additional 699,975 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Sonos by 8.6% in the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company's stock worth $39,691,000 after purchasing an additional 212,610 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Sonos by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company's stock valued at $39,248,000 after acquiring an additional 241,700 shares during the period. Victory Capital Management Inc. boosted its position in shares of Sonos by 21.9% during the second quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company's stock worth $27,199,000 after buying an additional 331,293 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Sonos by 67.9% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company's stock valued at $20,352,000 after buying an additional 669,658 shares during the period. Institutional investors and hedge funds own 85.82% of the company's stock.

Analysts Set New Price Targets

Separately, Morgan Stanley cut shares of Sonos from an "overweight" rating to an "underweight" rating and reduced their target price for the stock from $25.00 to $11.00 in a report on Thursday, September 26th.

Sonos Stock Performance

Shares of NASDAQ:SONO traded up $0.45 during midday trading on Thursday, hitting $14.41. 1,499,687 shares of the stock were exchanged, compared to its average volume of 1,907,710. The company has a market capitalization of $1.75 billion, a PE ratio of -43.67 and a beta of 2.04. Sonos, Inc. has a 52-week low of $10.23 and a 52-week high of $19.76. The business's fifty day simple moving average is $13.47 and its two-hundred day simple moving average is $13.29.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $255.38 million for the quarter, compared to analysts' expectations of $247.92 million. During the same period last year, the business earned ($0.21) earnings per share. The firm's revenue for the quarter was down 16.3% on a year-over-year basis. As a group, equities analysts anticipate that Sonos, Inc. will post -0.3 EPS for the current year.

Sonos Profile

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.