CenterBook Partners LP Sells 120,427 Shares of Sonos, Inc. (NASDAQ:SONO)

CenterBook Partners LP reduced its position in Sonos, Inc. (NASDAQ:SONO) by 37.4% in the 1st quarter, Holdings Channel reports. The firm owned 201,685 shares of the company’s stock after selling 120,427 shares during the quarter. CenterBook Partners LP’s holdings in Sonos were worth $3,957,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Sonos by 77.4% during the first quarter. BlackRock Inc. now owns 22,364,298 shares of the company’s stock worth $631,123,000 after acquiring an additional 9,759,359 shares in the last quarter. Vanguard Group Inc. raised its stake in Sonos by 16.6% during the first quarter. Vanguard Group Inc. now owns 13,604,113 shares of the company’s stock worth $383,908,000 after acquiring an additional 1,933,485 shares in the last quarter. Trigran Investments Inc. raised its stake in Sonos by 4.8% during the first quarter. Trigran Investments Inc. now owns 5,400,982 shares of the company’s stock worth $105,967,000 after acquiring an additional 246,691 shares in the last quarter. State Street Corp raised its stake in Sonos by 0.4% during the third quarter. State Street Corp now owns 4,319,400 shares of the company’s stock worth $60,040,000 after acquiring an additional 15,890 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Sonos by 8.4% during the fourth quarter. JPMorgan Chase & Co. now owns 3,631,867 shares of the company’s stock worth $61,378,000 after acquiring an additional 280,237 shares in the last quarter. 84.26% of the stock is owned by institutional investors.

Sonos Price Performance

Shares of NASDAQ:SONO traded up $0.10 during midday trading on Friday, reaching $13.32. The company’s stock had a trading volume of 1,331,583 shares, compared to its average volume of 2,036,453. Sonos, Inc. has a fifty-two week low of $13.13 and a fifty-two week high of $21.98. The company has a market capitalization of $1.71 billion, a P/E ratio of -38.06, a P/E/G ratio of 9.33 and a beta of 1.89. The business’s fifty day simple moving average is $15.40 and its 200-day simple moving average is $17.23.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, August 9th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.17. The firm had revenue of $373.36 million during the quarter, compared to analyst estimates of $340.67 million. Sonos had a negative return on equity of 2.77% and a negative net margin of 2.59%. On average, analysts forecast that Sonos, Inc. will post 0.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on SONO shares. Bank of America dropped their price objective on Sonos from $23.70 to $20.00 in a research note on Thursday, August 10th. Craig Hallum began coverage on Sonos in a research note on Friday. They issued a “buy” rating and a $20.00 target price for the company. Finally, DA Davidson raised their target price on Sonos from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, August 10th.

Insider Buying and Selling

In related news, insider Maxime Bouvat-Merlin sold 7,496 shares of Sonos stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $14.08, for a total value of $105,543.68. Following the completion of the sale, the insider now directly owns 21,681 shares in the company, valued at $305,268.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 9,306 shares of company stock worth $135,391 over the last three months. 3.13% of the stock is currently owned by company insiders.

About Sonos

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.