Sonos, Inc. (NASDAQ:SONO) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its stake in Sonos, Inc. (NASDAQ:SONO) by 16.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,634,831 shares of the company’s stock after selling 316,094 shares during the period. Franklin Resources Inc. owned about 1.34% of Sonos worth $19,945,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SONO. Hohimer Wealth Management LLC acquired a new stake in shares of Sonos in the 3rd quarter valued at about $148,000. Barclays PLC raised its stake in Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after buying an additional 504,293 shares in the last quarter. Luxor Capital Group LP bought a new position in Sonos during the 3rd quarter worth approximately $346,000. EP Wealth Advisors LLC acquired a new position in shares of Sonos in the 3rd quarter worth approximately $251,000. Finally, Wellington Management Group LLP increased its holdings in shares of Sonos by 23.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after acquiring an additional 626,172 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Sonos Trading Up 3.2 %

Shares of NASDAQ SONO opened at $14.41 on Friday. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76. The company has a market cap of $1.75 billion, a PE ratio of -43.67 and a beta of 2.04. The stock has a 50 day simple moving average of $13.52 and a 200-day simple moving average of $13.30.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). The business had revenue of $255.38 million for the quarter, compared to analyst estimates of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. Sonos’s revenue for the quarter was down 16.3% on a year-over-year basis. During the same period last year, the business posted ($0.21) earnings per share. Sell-side analysts forecast that Sonos, Inc. will post -0.3 earnings per share for the current fiscal 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.