Connors Investor Services Inc. Has $1.50 Million Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Connors Investor Services Inc. lessened its holdings in Sonos, Inc. (NASDAQ:SONO) by 4.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 101,730 shares of the company’s stock after selling 4,197 shares during the quarter. Connors Investor Services Inc.’s holdings in Sonos were worth $1,502,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SONO. Covestor Ltd raised its stake in Sonos by 376.7% in the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after purchasing an additional 1,571 shares in the last quarter. Quest Partners LLC increased its holdings in shares of 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 purchasing an additional 2,819 shares during the period. Quent Capital LLC acquired a new stake in shares of Sonos in the first quarter valued at approximately $95,000. nVerses Capital LLC acquired a new stake in shares of Sonos in the second quarter valued at approximately $81,000. Finally, Centaurus Financial Inc. bought a new stake in shares of Sonos in the fourth quarter valued at approximately $112,000. Institutional investors own 85.82% of the company’s stock.

Analyst Ratings Changes

Separately, Craig Hallum cut Sonos from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $10.00 in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.75.

Insider Buying and Selling

In related news, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the sale, the insider now directly owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Sonos news, insider Nicholas Millington sold 7,730 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $14.70, for a total value of $113,631.00. Following the completion of the transaction, the insider now directly owns 371,614 shares in the company, valued at $5,462,725.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shamayne Braman sold 6,438 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $11.56, for a total value of $74,423.28. Following the sale, the insider now owns 26,588 shares in the company, valued at $307,357.28. The disclosure for this sale can be found here. Insiders sold a total of 25,073 shares of company stock worth $346,129 in the last ninety days. 3.30% of the stock is owned by insiders.

Sonos Trading Up 3.0 %

Shares of NASDAQ:SONO opened at $12.13 on Tuesday. The firm has a 50 day moving average of $12.57 and a 200-day moving average of $15.42. Sonos, Inc. has a 12 month low of $9.78 and a 12 month high of $19.76. The stock has a market capitalization of $1.49 billion, a PE ratio of -34.66 and a beta of 2.04.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. The business had revenue of $397.15 million during the quarter, compared to the consensus estimate of $391.23 million. Sonos had a negative net margin of 1.04% and a positive return on equity of 0.42%. The company’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 earnings per share. On average, research analysts predict that Sonos, Inc. will post 0.23 EPS for the current fiscal year.

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.