Sonos, Inc. (NASDAQ:SONO) Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. reduced its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 27.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,973 shares of the company’s stock after selling 4,967 shares during the period. Meeder Asset Management Inc.’s holdings in Sonos were worth $191,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Covestor Ltd boosted its stake in Sonos by 376.7% during the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after buying an additional 1,571 shares during the last quarter. Quest Partners LLC increased its position in Sonos by 138.8% during the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after purchasing an additional 2,819 shares during the last quarter. Quent Capital LLC purchased a new position in Sonos during the first quarter worth about $95,000. nVerses Capital LLC acquired a new position in Sonos in the 2nd quarter valued at about $81,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of Sonos in the 4th quarter valued at approximately $112,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sonos

In other Sonos news, insider Nicholas Millington sold 7,730 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $14.70, for a total value of $113,631.00. Following the sale, the insider now owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Shamayne Braman sold 6,438 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.56, for a total value of $74,423.28. Following the sale, the insider now directly owns 26,588 shares in the company, valued at approximately $307,357.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nicholas Millington sold 7,730 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $14.70, for a total transaction of $113,631.00. Following the transaction, the insider now owns 371,614 shares of the company’s stock, valued at approximately $5,462,725.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,073 shares of company stock worth $346,129. Company insiders own 3.30% of the company’s stock.

Analyst Ratings Changes

Separately, Craig Hallum downgraded Sonos from a “buy” rating to a “hold” rating and cut their price objective for the stock from $25.00 to $10.00 in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.75.

Sonos Trading Up 4.8 %

SONO opened at $11.78 on Friday. The stock’s 50-day moving average price is $12.62 and its 200 day moving average price is $15.51. Sonos, Inc. has a 12-month low of $9.78 and a 12-month high of $19.76. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -33.66 and a beta of 2.04.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. Sonos had a negative net margin of 1.04% and a positive return on equity of 0.42%. The business had revenue of $397.15 million during the quarter, compared to analyst estimates of $391.23 million. During the same quarter last year, the firm posted $0.02 earnings per share. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, research analysts forecast that Sonos, Inc. will post 0.23 earnings per share for the current year.

About Sonos

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.