Principal Financial Group Inc. Sells 37,104 Shares of Sonos, Inc. (NASDAQ:SONO)

Principal Financial Group Inc. reduced its position in shares of Sonos, Inc. (NASDAQ:SONO – Free Report) by 6.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 573,274 shares of the company’s stock after selling 37,104 shares during the period. Principal Financial Group Inc.’s holdings in Sonos were worth $7,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in shares of Sonos by 24.8% during the 2nd quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock worth $51,946,000 after buying an additional 699,975 shares in the last quarter. Wellington Management Group LLP boosted its position in Sonos by 23.4% in the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after purchasing an additional 626,172 shares during the last quarter. American Century Companies Inc. boosted its position in Sonos by 8.6% in the second quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock worth $39,691,000 after purchasing an additional 212,610 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Sonos by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock valued at $39,248,000 after purchasing an additional 241,700 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of Sonos by 21.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company’s stock valued at $27,199,000 after purchasing an additional 331,293 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

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Sonos Trading Down 0.2 %

Shares of NASDAQ SONO opened at $15.04 on Wednesday. The stock has a fifty day simple moving average of $13.89 and a two-hundred day simple moving average of $13.22. Sonos, Inc. has a 1-year low of $10.23 and a 1-year high of $19.76. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -45.57 and a beta of 2.04.

Sonos (NASDAQ:SONO – Get Free Report) last posted its quarterly earnings results 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 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 the consensus estimate of $247.92 million. During the same quarter in the previous year, the company posted ($0.21) EPS. The firm’s revenue was down 16.3% compared to the same quarter last year. Analysts forecast that Sonos, Inc. will post -0.3 EPS for the current year.

About Sonos

(Free Report)

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.