Amalgamated Bank Trims Stake in Sonos, Inc. (NASDAQ:SONO)

Amalgamated Bank cut its stake in Sonos, Inc. (NASDAQ:SONO) by 4.2% in the third quarter, HoldingsChannel reports. The fund owned 36,030 shares of the company’s stock after selling 1,574 shares during the period. Amalgamated Bank’s holdings in Sonos were worth $443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of SONO. Sei Investments Co. lifted its stake in shares of Sonos by 0.4% in the 1st quarter. Sei Investments Co. now owns 315,913 shares of the company’s stock valued at $6,021,000 after purchasing an additional 1,354 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Sonos by 63.4% during the 1st quarter. Russell Investments Group Ltd. now owns 550,010 shares of the company’s stock worth $10,483,000 after acquiring an additional 213,387 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Sonos by 4.6% during the 1st quarter. ProShare Advisors LLC now owns 24,973 shares of the company’s stock valued at $476,000 after acquiring an additional 1,092 shares during the period. Vanguard Group Inc. increased its stake in shares of Sonos by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock valued at $271,627,000 after purchasing an additional 163,736 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Sonos by 376.7% in the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after purchasing an additional 1,571 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Trading Down 5.1 %

NASDAQ SONO opened at $13.05 on Friday. The stock has a market cap of $1.58 billion, a PE ratio of -39.55 and a beta of 2.04. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76. The stock has a fifty day simple moving average of $12.57 and a 200-day simple moving average of $13.75.

Analyst Ratings Changes

Several analysts have commented on SONO shares. Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $10.00 in a report on Thursday, August 8th. Morgan Stanley lowered 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 research report on Thursday, September 26th.

Sonos Company 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.