Prelude Capital Management LLC reduced its position in Sonos, Inc. (NASDAQ:SONO – Get Rating) by 41.6% in the first quarter, Holdings Channel.com reports. The fund owned 191,741 shares of the company's stock after selling 136,337 shares during the period. Prelude Capital Management LLC's holdings in Sonos were worth $5,411,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in Sonos by 77.4% in the 1st 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 during the last quarter. Vanguard Group Inc. grew its position in Sonos by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 13,604,113 shares of the company's stock worth $383,908,000 after purchasing an additional 1,933,485 shares during the period. American Century Companies Inc. grew its position in Sonos by 42.9% in the 1st quarter. American Century Companies Inc. now owns 4,664,749 shares of the company's stock worth $131,639,000 after purchasing an additional 1,401,467 shares during the period. Trigran Investments Inc. grew its position in Sonos by 55.1% in the 1st quarter. Trigran Investments Inc. now owns 2,697,787 shares of the company's stock worth $76,132,000 after purchasing an additional 958,447 shares during the period. Finally, Millennium Management LLC grew its position in Sonos by 147.6% in the 4th quarter. Millennium Management LLC now owns 2,559,845 shares of the company's stock worth $76,283,000 after purchasing an additional 1,525,876 shares during the period. 90.91% of the stock is currently owned by hedge funds and other institutional investors.
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Analyst Ratings Changes
SONO has been the subject of a number of research analyst reports. Jefferies Financial Group cut their target price on shares of Sonos from $45.00 to $35.00 in a research report on Tuesday, May 31st. Morgan Stanley cut their target price on shares of Sonos from $28.00 to $20.00 and set an "equal weight" rating for the company in a research report on Thursday, August 11th. Stifel Nicolaus cut their target price on shares of Sonos from $24.00 to $20.00 and set a "hold" rating for the company in a research report on Thursday, August 11th. Finally, DA Davidson cut their price objective on shares of Sonos to $29.00 in a research report on Monday, August 15th.
Insider Activity
In related news, CEO Patrick Spence sold 65,237 shares of Sonos stock in a transaction on Friday, July 15th. The shares were 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 owns 727,690 shares in the company, valued at approximately $13,797,002.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Sonos news, insider Matthew O. Siegel sold 202,945 shares of the business's stock in a transaction 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 sale, the insider now owns 68,339 shares in the company, valued at approximately $1,315,525.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Patrick Spence sold 65,237 shares of the business's stock in a transaction on 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 completion of the sale, the chief executive officer now owns 727,690 shares in the company, valued at approximately $13,797,002.40. The disclosure for this sale can be found here. Insiders sold a total of 269,992 shares of company stock valued at $5,181,387 in the last 90 days. Company insiders own 3.60% of the company's stock.
Sonos Stock Performance
Shares of SONO stock traded up $0.27 during mid-day trading on Friday, reaching $16.03. 2,740,883 shares of the company's stock traded hands, compared to its average volume of 3,095,690. Sonos, Inc. has a 12 month low of $14.52 and a 12 month high of $38.77. The firm has a 50 day moving average price of $18.59 and a two-hundred day moving average price of $21.87. The firm has a market capitalization of $2.04 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 3.08 and a beta of 2.00.
Sonos Profile
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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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