Cornercap Investment Counsel Inc. Invests $539,000 in Sonos, Inc. (NASDAQ:SONO)

Cornercap Investment Counsel Inc. bought a new stake in Sonos, Inc. (NASDAQ:SONO) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 43,836 shares of the company’s stock, valued at approximately $539,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. KBC Group NV increased its stake in Sonos by 52.5% in the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after acquiring an additional 1,670 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in Sonos by 535.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 377,294 shares of the company’s stock valued at $4,637,000 after acquiring an additional 317,945 shares during the period. GFS Advisors LLC increased its stake in Sonos by 207.3% in the third quarter. GFS Advisors LLC now owns 100,000 shares of the company’s stock valued at $1,229,000 after acquiring an additional 67,463 shares during the period. Harbor Capital Advisors Inc. increased its stake in Sonos by 3.3% in the third quarter. Harbor Capital Advisors Inc. now owns 39,381 shares of the company’s stock valued at $484,000 after acquiring an additional 1,267 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its stake in Sonos by 67.9% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock valued at $20,352,000 after acquiring an additional 669,658 shares during the period. Institutional investors own 85.82% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Craig Hallum cut shares of 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 research note on Thursday, August 8th. Morgan Stanley cut shares of 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 research note on Thursday, September 26th.

Sonos Trading Down 5.1 %

Shares of Sonos stock opened at $13.05 on Friday. Sonos, Inc. has a 1-year low of $10.23 and a 1-year high of $19.76. The firm’s 50-day moving average price is $12.57 and its two-hundred day moving average price is $13.75. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -39.55 and a beta of 2.04.

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.