Bank of New York Mellon Corp decreased its position in Sonos, Inc. (NASDAQ:SONO) by 7.1% in the 2nd quarter, Holdings Channel reports. The fund owned 455,167 shares of the company’s stock after selling 34,568 shares during the period. Bank of New York Mellon Corp’s holdings in Sonos were worth $16,036,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. AlphaCrest Capital Management LLC grew its position in Sonos by 70.2% in the first quarter. AlphaCrest Capital Management LLC now owns 31,752 shares of the company’s stock valued at $1,190,000 after acquiring an additional 13,100 shares in the last quarter. Duality Advisers LP grew its position in Sonos by 9.0% in the second quarter. Duality Advisers LP now owns 68,124 shares of the company’s stock valued at $2,400,000 after acquiring an additional 5,625 shares in the last quarter. Symmetry Investments LP acquired a new stake in Sonos in the second quarter valued at approximately $607,000. Principal Financial Group Inc. grew its position in Sonos by 2,051.8% in the first quarter. Principal Financial Group Inc. now owns 439,272 shares of the company’s stock valued at $16,459,000 after acquiring an additional 418,858 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Sonos during the 1st quarter valued at approximately $2,530,000. 76.72% of the stock is owned by institutional investors.
Several equities analysts have recently commented on SONO shares. Zacks Investment Research upgraded Sonos from a “hold” rating to a “strong-buy” rating and set a $43.00 target price for the company in a research note on Friday, August 13th. TheStreet cut Sonos from a “b-” rating to a “c+” rating in a research note on Tuesday, September 28th. Jefferies Financial Group started coverage on Sonos in a research note on Tuesday, September 14th. They set a “buy” rating and a $50.00 target price for the company. Finally, Morgan Stanley increased their target price on Sonos from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, August 12th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $35.88.
Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, August 11th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.29. The firm had revenue of $378.67 million for the quarter, compared to analysts’ expectations of $320.42 million. Sonos had a return on equity of 49.42% and a net margin of 10.95%. Sell-side analysts predict that Sonos, Inc. will post 1.24 EPS for the current year.
In other news, CFO Brittany Bagley sold 55,000 shares of the firm’s stock in a transaction on Monday, August 16th. The stock was sold at an average price of $41.16, for a total transaction of $2,263,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Matthew O. Siegel sold 28,161 shares of the firm’s stock in a transaction on Monday, August 16th. The shares were sold at an average price of $41.60, for a total value of $1,171,497.60. Following the transaction, the insider now directly owns 28,878 shares in the company, valued at $1,201,324.80. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
Sonos, Inc provides multi-room wireless smart home sound systems. It supports streaming services around the world, providing customers with access to music, Internet radio, podcasts, and audiobooks, with control from Android smartphones, iPhone, or iPad. The company was founded by Mai Trung, John MacFarlane, Craig A.
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