Sonos, Inc. (NASDAQ:SONO) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its holdings in Sonos, Inc. (NASDAQ:SONO) by 16.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,634,831 shares of the company’s stock after selling 316,094 shares during the quarter. Franklin Resources Inc.’s holdings in Sonos were worth $19,945,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SONO. Gladius Capital Management LP acquired a new position in shares of Sonos in the 3rd quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sonos in the second quarter worth approximately $46,000. KBC Group NV lifted its position in shares of Sonos by 52.5% in the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after acquiring an additional 1,670 shares in the last quarter. Quest Partners LLC raised its stake 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 purchasing an additional 2,819 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of Sonos in the second quarter worth $81,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Up 3.2 %

Shares of SONO opened at $14.41 on Friday. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -43.67 and a beta of 2.04. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.76. The company’s fifty day moving average is $13.52 and its 200-day moving average is $13.30.

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

Analyst Upgrades and Downgrades

Separately, Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and reduced their price target for the stock from $25.00 to $11.00 in a research report on Thursday, September 26th.

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.