Arrowstreet Capital Limited Partnership Has $5.57 Million Stock Position in Sonos, Inc. (NASDAQ:SONO)

Arrowstreet Capital Limited Partnership grew its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 192.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 370,100 shares of the company's stock after purchasing an additional 243,759 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.31% of Sonos worth $5,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in SONO. SBI Securities Co. Ltd. bought a new position in Sonos in the 4th quarter worth $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Sonos in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC increased its stake in shares of Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after purchasing an additional 1,721 shares during the period. GAMMA Investing LLC lifted its position in shares of Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after purchasing an additional 1,352 shares during the last quarter. Finally, KBC Group NV boosted its stake in Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock valued at $111,000 after purchasing an additional 2,551 shares during the period. Institutional investors and hedge funds own 85.82% of the company's stock.

Sonos Stock Performance

Shares of NASDAQ:SONO traded down $0.28 during trading on Friday, hitting $8.00. 2,390,379 shares of the stock were exchanged, compared to its average volume of 1,910,843. The company has a market capitalization of $952.66 million, a price-to-earnings ratio of -14.04 and a beta of 2.01. Sonos, Inc. has a 1-year low of $7.70 and a 1-year high of $18.02. The company's fifty day simple moving average is $11.71 and its 200-day simple moving average is $12.98.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. On average, research analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos announced that its Board of Directors has authorized a share buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was purchased at an average cost of $8.38 per share, with a total value of $523,800.28. Following the acquisition, the insider now directly owns 12,118,088 shares of the company's stock, valued at approximately $101,549,577.44. This trade represents a 0.52 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Jefferies Financial Group dropped their price target on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 target price on shares of Sonos in a research report on Friday, February 7th.

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.