Principal Financial Group Inc. reduced its stake in shares of Sonos, Inc. (NASDAQ:SONO – Get Rating) by 23.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,290,363 shares of the company’s stock after selling 393,579 shares during the period. Principal Financial Group Inc.’s holdings in Sonos were worth $23,278,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in SONO. First Manhattan Co. bought a new position in shares of Sonos during the 1st quarter valued at approximately $36,000. Islay Capital Management LLC bought a new position in shares of Sonos during the 2nd quarter valued at approximately $72,000. Covestor Ltd boosted its position in shares of Sonos by 2,100.7% during the 1st quarter. Covestor Ltd now owns 3,125 shares of the company’s stock valued at $88,000 after acquiring an additional 2,983 shares during the last quarter. Sage Private Wealth Group LLC boosted its position in shares of Sonos by 10.8% during the 2nd quarter. Sage Private Wealth Group LLC now owns 5,175 shares of the company’s stock valued at $93,000 after acquiring an additional 506 shares during the last quarter. Finally, Centaurus Financial Inc. boosted its position in shares of Sonos by 23.4% during the 1st quarter. Centaurus Financial Inc. now owns 4,481 shares of the company’s stock valued at $126,000 after acquiring an additional 849 shares during the last quarter. 90.91% 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 the company. DA Davidson lowered their target price on Sonos to $29.00 in a research report on Monday, August 15th. Stifel Nicolaus lowered their target price on Sonos from $24.00 to $20.00 and set a “hold” rating for the company in a research report on Thursday, August 11th. Finally, Morgan Stanley lowered their price target on Sonos from $20.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, October 17th.
Sonos Stock Down 1.4 %
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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