Meeder Asset Management Inc. Boosts Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Meeder Asset Management Inc. grew its holdings in Sonos, Inc. (NASDAQ:SONO) by 46.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,048 shares of the company’s stock after purchasing an additional 6,075 shares during the period. Meeder Asset Management Inc.’s holdings in Sonos were worth $234,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Gladius Capital Management LP purchased a new stake in shares of Sonos during the third quarter worth $30,000. Covestor Ltd lifted its holdings in Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after purchasing an additional 1,571 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Sonos in the 2nd quarter worth about $46,000. KBC Group NV grew its holdings in Sonos by 52.5% during the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after buying an additional 1,670 shares in the last quarter. Finally, Quest Partners LLC grew its holdings in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after buying an additional 2,819 shares in the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Trading Up 2.1 %

SONO stock opened at $12.90 on Wednesday. The company’s 50 day moving average is $12.59 and its 200 day moving average is $13.68. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -39.09 and a beta of 2.04. Sonos, Inc. has a 1-year low of $10.23 and a 1-year high of $19.76.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.22). Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The company had revenue of $255.38 million for the quarter, compared to analysts’ expectations of $247.92 million. During the same quarter last year, the business posted ($0.21) EPS. The business’s quarterly revenue was down 16.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Sonos, Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SONO shares. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and cut their price objective for the company from $25.00 to $10.00 in a research report on Thursday, August 8th. Morgan Stanley downgraded shares of Sonos from an “overweight” rating to an “underweight” rating and cut their price target for the company from $25.00 to $11.00 in a report on Thursday, September 26th.

Sonos Company 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.