Deroy & Devereaux Private Investment Counsel Inc. Acquires 669,658 Shares of Sonos, Inc. (NASDAQ:SONO)

Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 67.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,655,942 shares of the company’s stock after purchasing an additional 669,658 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. owned approximately 1.37% of Sonos worth $20,352,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its position in shares of Sonos by 376.7% in the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after acquiring an additional 1,571 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Sonos in the 2nd quarter valued at $46,000. Quest Partners LLC boosted its holdings in Sonos by 138.8% in the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the period. Quent Capital LLC acquired a new stake in Sonos in the 1st quarter worth $95,000. Finally, nVerses Capital LLC acquired a new position in shares of Sonos during the second quarter valued at about $81,000. Institutional investors own 85.82% of the company’s stock.

Sonos Stock Performance

Shares of SONO opened at $12.53 on Friday. The company has a 50-day moving average price of $12.19 and a two-hundred day moving average price of $14.01. Sonos, Inc. has a 12 month low of $10.10 and a 12 month high of $19.76.

Sonos (NASDAQ:SONO) last posted its earnings results on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The business had revenue of $397.15 million during the quarter, compared to the consensus estimate of $391.23 million. During the same quarter last year, the company earned $0.02 EPS. Sonos’s revenue was up 6.4% on a year-over-year basis. Analysts expect that Sonos, Inc. will post -0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SONO. Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and decreased their target price for the stock from $25.00 to $11.00 in a research report on Thursday, September 26th. Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $10.00 in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Sonos has an average rating of “Hold” and an average price target of $14.25.

Insider Activity

In related news, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the transaction, the insider now directly owns 26,588 shares of the company’s stock, valued at $307,357.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.30% of the stock is owned by corporate insiders.

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.