Meeder Asset Management Inc. Boosts Holdings in Sonos, Inc. (NASDAQ:SONO)

Meeder Asset Management Inc. lifted its holdings in Sonos, Inc. (NASDAQ:SONO) by 46.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 19,048 shares of the company’s stock after acquiring an additional 6,075 shares during the quarter. Meeder Asset Management Inc.’s holdings in Sonos were worth $234,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Systematic Financial Management LP lifted its stake in Sonos by 39.9% in the second quarter. Systematic Financial Management LP now owns 765,263 shares of the company’s stock worth $11,295,000 after purchasing an additional 218,061 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Sonos by 2,222.0% in the second quarter. SG Americas Securities LLC now owns 172,549 shares of the company’s stock worth $2,547,000 after buying an additional 165,118 shares during the period. Magnetar Financial LLC bought a new stake in shares of Sonos in the 2nd quarter valued at about $600,000. Vanguard Group Inc. boosted its holdings in Sonos by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock valued at $271,627,000 after acquiring an additional 163,736 shares during the period. Finally, Cornercap Investment Counsel Inc. bought a new position in Sonos during the 3rd quarter worth approximately $539,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

Shares of NASDAQ:SONO opened at $12.90 on Wednesday. The stock’s 50-day moving average is $12.59 and its 200 day moving average is $13.68. The company has a market cap of $1.56 billion, a PE ratio of -39.09 and a beta of 2.04. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.76.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SONO. Craig Hallum downgraded Sonos from a “buy” rating to a “hold” rating and lowered their price objective for the company from $25.00 to $10.00 in a research report on Thursday, August 8th. Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $25.00 to $11.00 in a report on Thursday, September 26th.

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.