Victory Capital Management Inc. Sells 1,770,314 Shares of Sonos, Inc. (NASDAQ:SONO)

Victory Capital Management Inc. reduced its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 96.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,456 shares of the company's stock after selling 1,770,314 shares during the quarter. Victory Capital Management Inc. owned 0.06% of Sonos worth $890,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SONO. Vanguard Group Inc. lifted its position 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 buying an additional 163,736 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Sonos by 4.5% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 139,576 shares of the company's stock worth $2,657,000 after purchasing an additional 5,988 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Sonos by 5.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 78,706 shares of the company's stock worth $1,501,000 after purchasing an additional 4,086 shares in the last quarter. Quent Capital LLC grew its stake in shares of Sonos by 400.0% in the second quarter. Quent Capital LLC now owns 25,000 shares of the company's stock valued at $369,000 after buying an additional 20,000 shares in the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings 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 buying an additional 7,971 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Performance

SONO traded up $0.47 on Thursday, reaching $13.64. The company had a trading volume of 1,450,293 shares, compared to its average volume of 1,935,206. The stock has a market cap of $1.66 billion, a P/E ratio of -41.33 and a beta of 2.04. Sonos, Inc. has a fifty-two week low of $10.23 and a fifty-two week high of $19.76. The company's fifty day moving average is $12.82 and its 200 day moving average is $13.51.

Sonos (NASDAQ:SONO - Get Free Report) last issued its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $255.38 million during the quarter, compared to analyst estimates of $247.92 million. During the same period in the prior year, the company earned ($0.21) earnings per share. The business's quarterly revenue was down 16.3% compared to the same quarter last year. On average, sell-side analysts expect that Sonos, Inc. will post -0.3 EPS for the current year.

Analysts Set New Price Targets

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

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.