Quent Capital LLC Grows Stock Position in Sonos, Inc. (NASDAQ:SONO)

Quent Capital LLC increased its holdings in Sonos, Inc. (NASDAQ:SONO) by 32.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 33,000 shares of the company’s stock after purchasing an additional 8,000 shares during the quarter. Quent Capital LLC’s holdings in Sonos were worth $401,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Covestor Ltd boosted its stake in Sonos by 376.7% during the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after buying an additional 1,571 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sonos during the 2nd quarter worth approximately $46,000. Quest Partners LLC increased its holdings in Sonos by 138.8% in the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the last quarter. nVerses Capital LLC purchased a new stake in Sonos in the second quarter valued at approximately $81,000. Finally, Centaurus Financial Inc. acquired a new position in Sonos during the fourth quarter worth $112,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Trading Up 3.4 %

Sonos stock opened at $12.02 on Friday. The firm has a market capitalization of $1.45 billion, a P/E ratio of -34.34 and a beta of 2.05. Sonos, Inc. has a twelve month low of $9.78 and a twelve month high of $19.76. The stock’s fifty day simple moving average is $12.03 and its 200-day simple moving average is $14.80.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $397.15 million for the quarter, compared to the consensus estimate of $391.23 million. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. Sonos’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.02 EPS. Sell-side analysts predict that Sonos, Inc. will post -0.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SONO. Craig Hallum cut 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 research note on Thursday, August 8th. Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and dropped their target price for the company from $25.00 to $11.00 in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $14.25.

Insider Transactions at Sonos

In related news, insider Shamayne Braman sold 6,438 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.56, for a total value of $74,423.28. Following the completion of the sale, the insider now directly owns 26,588 shares of the company’s stock, valued at $307,357.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Sonos news, insider Christopher Scott Mason sold 10,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $14.45, for a total transaction of $144,500.00. Following the transaction, the insider now directly owns 122,009 shares of the company’s stock, valued at approximately $1,763,030.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Shamayne Braman sold 6,438 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the sale, the insider now directly owns 26,588 shares of the company’s stock, valued at $307,357.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,343 shares of company stock valued at $232,498. 3.30% of the stock is currently owned by corporate insiders.

About Sonos

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.