Thrivent Financial for Lutherans Lowers Position in Sonos, Inc. (NASDAQ:SONO)

Thrivent Financial for Lutherans trimmed its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 6.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 95,028 shares of the company’s stock after selling 6,998 shares during the period. Thrivent Financial for Lutherans’ holdings in Sonos were worth $1,168,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its holdings in shares of Sonos by 24.8% during the 2nd quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after purchasing an additional 699,975 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Sonos by 8.6% in the second quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock worth $39,691,000 after buying an additional 212,610 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Sonos by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock valued at $39,248,000 after buying an additional 241,700 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Sonos by 21.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company’s stock valued at $27,199,000 after buying an additional 331,293 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Sonos by 67.9% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock worth $20,352,000 after acquiring an additional 669,658 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Sonos Price Performance

Shares of SONO stock opened at $13.61 on Monday. The company has a market cap of $1.66 billion, a PE ratio of -41.24 and a beta of 2.04. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.76. The stock’s 50 day simple moving average is $12.86 and its two-hundred day simple moving average is $13.44.

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