JPMorgan Chase & Co. Trims Position in Sonos, Inc. (NASDAQ:SONO)

JPMorgan Chase & Co. reduced its holdings in Sonos, Inc. (NASDAQ:SONO) by 1.6% during the 3rd quarter, Holdings Channel reports. The fund owned 4,480,241 shares of the company’s stock after selling 73,380 shares during the period. JPMorgan Chase & Co.’s holdings in Sonos were worth $55,062,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in SONO. Pacer Advisors Inc. boosted its holdings in Sonos by 24.8% in the second 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. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in shares of 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 valued at $20,352,000 after buying an additional 669,658 shares during the period. Stadium Capital Management LLC purchased a new stake in shares of Sonos in the third quarter worth about $8,105,000. Wellington Management Group LLP grew its holdings in Sonos by 23.4% during the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after acquiring an additional 626,172 shares during the period. Finally, LMR Partners LLP purchased a new position in Sonos during the third quarter valued at approximately $7,412,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Stock Up 2.3 %

SONO stock opened at $15.08 on Friday. Sonos, Inc. has a 52-week low of $10.23 and a 52-week high of $19.76. The company’s 50-day simple moving average is $14.03 and its 200-day simple moving average is $13.24. The firm has a market cap of $1.84 billion, a P/E ratio of -45.70 and a beta of 1.99.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.22). The business had revenue of $255.38 million during 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%. The firm’s revenue for the quarter was down 16.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.21) earnings per share. On average, analysts anticipate that Sonos, Inc. will post -0.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.