Raymond James & Associates Decreases Stake in Sonos, Inc. (NASDAQ:SONO)

Raymond James & Associates lessened its stake in Sonos, Inc. (NASDAQ:SONO) by 5.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,332 shares of the company’s stock after selling 5,447 shares during the quarter. Raymond James & Associates owned 0.07% of Sonos worth $1,531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. increased its holdings in Sonos by 36.8% in the fourth quarter. Harbor Capital Advisors Inc. now owns 36,098 shares of the company’s stock valued at $619,000 after buying an additional 9,701 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Sonos by 71.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 22,955 shares of the company’s stock valued at $393,000 after purchasing an additional 9,529 shares in the last quarter. WNY Asset Management LLC raised its holdings in Sonos by 6.3% during the third quarter. WNY Asset Management LLC now owns 19,265 shares of the company’s stock worth $249,000 after purchasing an additional 1,150 shares during the last quarter. Citigroup Inc. raised its holdings in Sonos by 22.2% during the third quarter. Citigroup Inc. now owns 114,969 shares of the company’s stock worth $1,484,000 after purchasing an additional 20,888 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in Sonos by 26.7% during the third quarter. Wellington Management Group LLP now owns 2,741,356 shares of the company’s stock worth $35,391,000 after purchasing an additional 576,939 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Trading Down 0.6 %

Sonos stock opened at $16.87 on Friday. The stock has a fifty day moving average price of $18.54 and a 200 day moving average price of $15.86. Sonos, Inc. has a 52 week low of $9.78 and a 52 week high of $21.98. The firm has a market capitalization of $2.09 billion, a P/E ratio of -562.15 and a beta of 1.99.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.47 by $0.22. The company had revenue of $612.87 million during the quarter, compared to analysts’ expectations of $588.96 million. Sonos had a positive return on equity of 5.65% and a negative net margin of 0.28%. As a group, equities analysts predict that Sonos, Inc. will post 0.31 EPS for the current year.

Insider Buying and Selling

In other Sonos news, Director Thomas Conrad sold 5,337 shares of Sonos stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $18.31, for a total value of $97,720.47. Following the transaction, the director now owns 37,334 shares in the company, valued at approximately $683,585.54. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Sonos news, Director Thomas Conrad sold 5,337 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $18.31, for a total transaction of $97,720.47. Following the completion of the sale, the director now directly owns 37,334 shares in the company, valued at $683,585.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Scott Mason sold 20,000 shares of Sonos stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $17.62, for a total value of $352,400.00. Following the completion of the transaction, the insider now directly owns 119,179 shares in the company, valued at $2,099,933.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,147 shares of company stock valued at $484,972. Insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on SONO. Rosenblatt Securities reaffirmed a “buy” rating and set a $24.00 price target on shares of Sonos in a research note on Monday, March 25th. TheStreet upgraded shares of Sonos from a “d+” rating to a “c-” rating in a research report on Wednesday, February 14th. Finally, Morgan Stanley increased their price target on shares of Sonos from $20.00 to $25.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.00.

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.