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

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 42.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 877,758 shares of the company’s stock after buying an additional 263,060 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.73% of Sonos worth $10,788,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Gladius Capital Management LP acquired a new stake in shares of Sonos during the third quarter valued at $30,000. Covestor Ltd grew its holdings in shares of Sonos by 376.7% during the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after buying an additional 1,571 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Sonos in the second quarter valued at approximately $46,000. KBC Group NV lifted 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 buying an additional 1,670 shares during the period. Finally, Quest Partners LLC boosted its position in Sonos by 138.8% during the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after acquiring an additional 2,819 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Stock Up 4.4 %

Shares of SONO opened at $13.52 on Friday. Sonos, Inc. has a fifty-two week low of $10.23 and a fifty-two week high of $19.76. The company’s fifty day moving average is $12.70 and its two-hundred day moving average is $13.64. The firm has a market cap of $1.65 billion, a PE ratio of -40.95 and a beta of 2.04.

Sonos (NASDAQ:SONO) last issued 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). The firm had revenue of $255.38 million during the quarter, compared to analyst estimates 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 previous year, the business posted ($0.21) EPS. As a group, equities research analysts anticipate that Sonos, Inc. will post -0.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SONO. Morgan Stanley cut Sonos from an “overweight” rating to an “underweight” rating and decreased their price objective for the stock from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and decreased their price target for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th.

About Sonos

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.