As we've said, the sand cone test is as accurate as you are likely to give, if performed properly. As with all tests, there are limitations. For instance, if the moisture content of the surrounding soil is very high, it will affect the density value by increasing the amount of sand that will go into the hole from the sand cone jug. This will give you a higher weight of sand used, thus a higher volume calculation of the hole, resulting in a lower density in place. Vibration during the test will do the same thing.
As OG noted, the volume of the hole makes a difference. The smaller the whole, the less accurate the test. The whole volume should be at least comparable to the volume of a drive sleeve test cylinder (1/30th cf).
As for the moisture content, if it is determined properly and timely, it will not affect the determination of dry density (assuming the calculations are done properly).
What is your specific question? Do you suspect that the density results you have received are inaccurate or are you concerned that the in-place density is insufficient when compared to the laboratory standard (moisture-density relationship)?