Crestwood Advisors Group LLC Reduces Stake in Sonos, Inc. $SONO

Crestwood Advisors Group LLC decreased its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 36.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,071 shares of the company’s stock after selling 18,852 shares during the quarter. Crestwood Advisors Group LLC’s holdings in Sonos were worth $357,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Coliseum Capital Management LLC raised its holdings in Sonos by 9.7% during the first quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company’s stock worth $125,645,000 after purchasing an additional 1,041,569 shares in the last quarter. Trigran Investments Inc. grew its position in shares of Sonos by 24.0% in the 1st quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company’s stock valued at $56,006,000 after buying an additional 1,017,223 shares during the last quarter. Nuveen LLC purchased a new position in shares of Sonos in the 1st quarter valued at $5,067,000. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in Sonos by 22.0% during the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,039,098 shares of the company’s stock worth $22,043,000 after acquiring an additional 368,282 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Sonos by 22,701.2% in the first quarter. Jones Financial Companies Lllp now owns 353,190 shares of the company’s stock valued at $3,769,000 after acquiring an additional 351,641 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Price Performance

Shares of SONO stock opened at $16.29 on Friday. The stock’s 50-day moving average price is $16.08 and its 200 day moving average price is $12.65. The stock has a market capitalization of $1.97 billion, a PE ratio of -31.33 and a beta of 2.27. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $18.06.

Sonos (NASDAQ:SONO) last announced its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Sonos had a negative net margin of 4.24% and a negative return on equity of 11.66%. The company had revenue of $344.76 million during the quarter, compared to analysts’ expectations of $324.66 million. During the same quarter last year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was down 13.2% compared to the same quarter last year. Analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SONO shares. Rosenblatt Securities raised their price objective on Sonos from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a research note on Wednesday, October 8th. Wall Street Zen raised Sonos from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Finally, Morgan Stanley set a $17.00 price objective on Sonos and gave the company an “equal weight” rating in a research note on Thursday. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.00.

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.