Edgestream Partners L.P. Reduces Holdings in Sonos, Inc. $SONO

Edgestream Partners L.P. trimmed its position in shares of Sonos, Inc. (NASDAQ:SONO) by 91.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,644 shares of the company’s stock after selling 444,652 shares during the period. Edgestream Partners L.P.’s holdings in Sonos were worth $531,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SONO. Vanguard Group Inc. grew its holdings in shares of Sonos by 1.5% in the fourth 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 last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Sonos by 2.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,307,363 shares of the company’s stock valued at $44,319,000 after purchasing an additional 90,997 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Sonos by 2.7% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,281,869 shares of the company’s stock valued at $57,630,000 after acquiring an additional 85,468 shares during the period. Geode Capital Management LLC grew its stake in Sonos by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,908,435 shares of the company’s stock valued at $51,082,000 after purchasing an additional 20,602 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Sonos by 27.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,384,430 shares of the company’s stock worth $31,949,000 after buying an additional 506,566 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Trading Up 4.1%

Shares of SONO stock opened at $16.42 on Wednesday. Sonos, Inc. has a twelve month low of $10.11 and a twelve month high of $19.82. The stock has a market cap of $1.94 billion, a P/E ratio of 36.49 and a beta of 1.95. The stock has a 50 day moving average of $14.86 and a 200 day moving average of $14.72.

Insider Buying and Selling

In other news, Director Julius Genachowski sold 19,855 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total transaction of $337,535.00. Following the sale, the director owned 53,775 shares of the company’s stock, valued at $914,175. This trade represents a 26.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 target price on shares of Sonos in a research report on Thursday, July 30th. Weiss Ratings upgraded Sonos from a “sell (d)” rating to a “hold (c-)” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen raised Sonos from a “buy” rating to a “strong-buy” rating in a report on Saturday. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $20.00.

Sonos Company Profile

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.