264,831 Shares in Sonos, Inc. (NASDAQ:SONO) Bought by Portolan Capital Management LLC

Portolan Capital Management LLC purchased a new position in Sonos, Inc. (NASDAQ:SONO) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 264,831 shares of the company’s stock, valued at approximately $3,255,000.

Several other institutional investors have also added to or reduced their stakes in SONO. Gladius Capital Management LP purchased a new position in shares of Sonos in the third quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Sonos in the 2nd quarter worth approximately $46,000. Quest Partners LLC lifted its position in Sonos by 138.8% in the second 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 last quarter. KBC Group NV boosted its stake in shares of Sonos by 52.5% during the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after purchasing an additional 1,670 shares during the period. Finally, nVerses Capital LLC bought a new position in shares of Sonos in the second quarter worth approximately $81,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SONO has been the subject of several analyst reports. Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and dropped their price target for the company from $25.00 to $11.00 in a research report on Thursday, September 26th. Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and lowered their price target for the company from $25.00 to $10.00 in a research report on Thursday, August 8th.

Sonos Trading Up 0.8 %

Shares of NASDAQ SONO opened at $14.19 on Wednesday. The firm has a fifty day simple moving average of $12.92 and a two-hundred day simple moving average of $13.40. The firm has a market capitalization of $1.73 billion, a PE ratio of -43.00 and a beta of 2.04. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.76.

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

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.