Russell Investments Group Ltd. Trims Stake in Sonos, Inc. (NASDAQ:SONO)

Russell Investments Group Ltd. decreased its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 32.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 336,623 shares of the company’s stock after selling 158,696 shares during the period. Russell Investments Group Ltd. owned 0.27% of Sonos worth $5,770,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. NewEdge Wealth LLC acquired a new stake in Sonos during the fourth quarter worth approximately $7,453,000. Jump Financial LLC grew its position in shares of Sonos by 955.5% in the third quarter. Jump Financial LLC now owns 223,905 shares of the company’s stock valued at $2,891,000 after purchasing an additional 202,691 shares during the period. First Eagle Investment Management LLC increased its stake in Sonos by 16.3% in the third quarter. First Eagle Investment Management LLC now owns 336,304 shares of the company’s stock valued at $4,342,000 after purchasing an additional 47,200 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Sonos by 7.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,312,778 shares of the company’s stock worth $16,948,000 after buying an additional 87,341 shares during the period. Finally, Trigran Investments Inc. boosted its stake in Sonos by 7.0% in the 3rd quarter. Trigran Investments Inc. now owns 6,698,433 shares of the company’s stock worth $86,477,000 after buying an additional 436,696 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Up 2.4 %

Sonos stock opened at $17.25 on Friday. The firm has a market capitalization of $2.14 billion, a P/E ratio of -575.00 and a beta of 2.00. The firm has a fifty day moving average of $18.11 and a 200-day moving average of $16.41. Sonos, Inc. has a 52-week low of $9.78 and a 52-week high of $21.98.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.22. Sonos had a negative net margin of 0.28% and a positive return on equity of 5.65%. The company had revenue of $612.87 million during the quarter, compared to the consensus estimate of $588.96 million. On average, research analysts expect that Sonos, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Sonos news, insider Christopher Scott Mason sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $17.62, for a total transaction of $352,400.00. Following the sale, the insider now owns 119,179 shares in the company, valued at $2,099,933.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 22,715 shares of company stock worth $402,845. Insiders own 3.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on SONO shares. Morgan Stanley increased their price objective on shares of Sonos from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. 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. Finally, TheStreet upgraded Sonos from a “d+” rating to a “c-” rating in a report on Wednesday, February 14th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Sonos 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.