Sonos, Inc. (NASDAQ:SONO) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its stake in Sonos, Inc. (NASDAQ:SONO) by 42.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 877,758 shares of the company’s stock after acquiring an additional 263,060 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Sonos were worth $10,788,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in SONO. Meeder Asset Management Inc. grew its stake in Sonos by 46.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 19,048 shares of the company’s stock worth $234,000 after buying an additional 6,075 shares during the last quarter. LMR Partners LLP bought a new position in shares of Sonos during the third quarter worth about $7,412,000. Quest Partners LLC grew its position in shares of Sonos by 321.8% during the third quarter. Quest Partners LLC now owns 20,457 shares of the company’s stock worth $251,000 after acquiring an additional 15,607 shares during the last quarter. Gladius Capital Management LP acquired a new stake in shares of Sonos in the 3rd quarter worth about $30,000. Finally, Cornercap Investment Counsel Inc. bought a new stake in Sonos in the 3rd quarter valued at about $539,000. 85.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Sonos Trading Up 4.4 %

Shares of NASDAQ:SONO opened at $13.52 on Friday. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76. The firm has a market cap of $1.65 billion, a P/E ratio of -40.95 and a beta of 2.04. The company has a 50 day moving average of $12.70 and a 200-day moving average of $13.64.

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

Sonos 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.