UBS Group AG Cuts Position in Sonos, Inc. $SONO

UBS Group AG lowered its holdings in Sonos, Inc. (NASDAQ:SONO) by 31.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 313,158 shares of the company’s stock after selling 142,767 shares during the quarter. UBS Group AG’s holdings in Sonos were worth $5,499,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SONO. Vanguard Group Inc. grew its stake in shares of Sonos by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company’s stock worth $244,704,000 after purchasing an additional 204,934 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Sonos by 6.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 3,196,401 shares of the company’s stock worth $50,503,000 after buying an additional 198,728 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Sonos by 626.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock worth $42,083,000 after buying an additional 2,296,996 shares in the last quarter. Millennium Management LLC grew its position in Sonos by 10.1% during the third quarter. Millennium Management LLC now owns 1,445,900 shares of the company’s stock worth $22,845,000 after buying an additional 132,369 shares during the period. Finally, Cubist Systematic Strategies LLC grew its position in Sonos by 250.8% during the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after buying an additional 996,425 shares during the period. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 125,000 shares of the company’s stock in a transaction dated Tuesday, March 17th. The stock was acquired at an average cost of $13.57 per share, with a total value of $1,696,250.00. Following the purchase, the insider directly owned 18,070,762 shares in the company, valued at approximately $245,220,240.34. This trade represents a 0.70% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders have purchased 1,760,249 shares of company stock valued at $25,168,850 in the last quarter. 1.25% of the stock is owned by corporate insiders.

Sonos Trading Up 1.8%

NASDAQ:SONO opened at $15.02 on Thursday. The firm has a 50-day moving average price of $14.00 and a two-hundred day moving average price of $15.74. Sonos, Inc. has a twelve month low of $9.65 and a twelve month high of $19.82. The company has a market capitalization of $1.79 billion, a P/E ratio of 88.36 and a beta of 1.94.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SONO. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price target on shares of Sonos in a research report on Tuesday, May 5th. Wall Street Zen cut Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings raised Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Zacks Research cut Sonos from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Finally, Morgan Stanley set a $18.00 target price on Sonos in a research report on Wednesday, February 4th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $20.00.

About Sonos

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.