Perennial Investment Advisors LLC lowered its stake in Sonos, Inc. (NASDAQ:SONO – Get Rating) by 18.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,283 shares of the company’s stock after selling 1,650 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Sonos were worth $204,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of the stock. Allworth Financial LP grew its stake in shares of Sonos by 71.7% during the first quarter. Allworth Financial LP now owns 1,099 shares of the company’s stock valued at $31,000 after acquiring an additional 459 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Sonos by 1.5% during the 1st quarter. Arizona State Retirement System now owns 34,365 shares of the company’s stock valued at $970,000 after buying an additional 514 shares during the last quarter. Hudson Value Partners LLC grew its position in shares of Sonos by 3.3% during the first quarter. Hudson Value Partners LLC now owns 17,204 shares of the company’s stock worth $485,000 after buying an additional 554 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in shares of Sonos by 6.7% in the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 12,796 shares of the company’s stock worth $381,000 after buying an additional 800 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its stake in Sonos by 0.8% during the 4th quarter. King Luther Capital Management Corp now owns 110,485 shares of the company’s stock valued at $3,292,000 after acquiring an additional 840 shares during the last quarter. 91.37% of the stock is currently owned by hedge funds and other institutional investors.
Sonos Stock Up 1.8 %
Shares of NASDAQ:SONO opened at $23.20 on Friday. Sonos, Inc. has a fifty-two week low of $17.43 and a fifty-two week high of $42.57. The company has a market cap of $2.97 billion, a PE ratio of 23.67, a P/E/G ratio of 2.29 and a beta of 1.91. The company’s 50-day moving average price is $20.44 and its 200 day moving average price is $23.41.
Insider Buying and Selling at Sonos
In other news, insider Matthew O. Siegel sold 202,945 shares of the company’s stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $19.25, for a total value of $3,906,691.25. Following the completion of the sale, the insider now directly owns 68,339 shares of the company’s stock, valued at approximately $1,315,525.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Patrick Spence sold 65,237 shares of Sonos stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $18.96, for a total transaction of $1,236,893.52. Following the transaction, the chief executive officer now directly owns 727,690 shares of the company’s stock, valued at $13,797,002.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Matthew O. Siegel sold 202,945 shares of the company’s stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $19.25, for a total transaction of $3,906,691.25. Following the completion of the sale, the insider now directly owns 68,339 shares of the company’s stock, valued at $1,315,525.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 270,897 shares of company stock valued at $5,201,921. Company insiders own 3.60% of the company’s stock.
Wall Street Analysts Forecast Growth
SONO has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their target price on shares of Sonos from $45.00 to $35.00 in a research note on Tuesday, May 31st. Morgan Stanley downgraded Sonos from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $38.00 to $28.00 in a report on Tuesday, June 14th. DA Davidson reduced their price objective on Sonos from $49.00 to $40.00 in a research note on Thursday, May 12th. Finally, TheStreet cut shares of Sonos from a “b-” rating to a “c” rating in a report on Wednesday, May 11th.
Sonos Company Profile
Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides wireless speakers, home theater speakers, components, and accessories. It 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 sonos.com.
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