Geode Capital Management LLC Sells 37,898 Shares of Sonos, Inc. (NASDAQ:SONO)

Geode Capital Management LLC trimmed its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 1.3% during the third quarter, HoldingsChannel.com reports. The firm owned 2,820,456 shares of the company’s stock after selling 37,898 shares during the quarter. Geode Capital Management LLC’s holdings in Sonos were worth $34,670,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Gladius Capital Management LP purchased a new position in Sonos during the 3rd quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sonos in the second quarter valued at approximately $46,000. KBC Group NV grew its stake in Sonos by 52.5% during the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after acquiring an additional 1,670 shares in the last quarter. Quest Partners LLC increased its holdings in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after acquiring an additional 2,819 shares during the period. Finally, nVerses Capital LLC purchased a new stake in Sonos in the 2nd quarter worth approximately $81,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Trading Up 1.4 %

Shares of NASDAQ SONO opened at $14.78 on Thursday. The business has a 50-day moving average of $13.68 and a 200-day moving average of $13.24. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -44.79 and a beta of 2.04. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.76.

Sonos (NASDAQ:SONO) last released 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 company had revenue of $255.38 million during the quarter, compared to analysts’ expectations of $247.92 million. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. Sonos’s quarterly revenue was down 16.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.21) EPS. On average, analysts predict that Sonos, Inc. will post -0.3 earnings per share for the current year.

Analyst Ratings Changes

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

Sonos Company 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.