Bank of New York Mellon Corp Has $12.36 Million Holdings in Sonos, Inc. (NASDAQ:SONO)

Bank of New York Mellon Corp cut its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 3.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 822,092 shares of the company's stock after selling 33,464 shares during the period. Bank of New York Mellon Corp owned approximately 0.68% of Sonos worth $12,364,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its holdings in Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after acquiring an additional 1,352 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Sonos by 4.2% in the fourth quarter. SG Americas Securities LLC now owns 40,839 shares of the company's stock valued at $614,000 after purchasing an additional 1,644 shares in the last quarter. KBC Group NV lifted its holdings in shares of 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 purchasing an additional 1,670 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Sonos by 5.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 41,701 shares of the company's stock valued at $627,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Gladius Capital Management LP bought a new stake in shares of Sonos in the third quarter valued at about $30,000. 85.82% of the stock is currently owned by institutional investors.

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Sonos Trading Up 2.0 %

Shares of Sonos stock traded up $0.22 during trading on Friday, reaching $11.42. The stock had a trading volume of 1,309,340 shares, compared to its average volume of 2,071,209. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -20.04 and a beta of 1.98. The stock has a fifty day moving average price of $13.49 and a two-hundred day moving average price of $13.28. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.76.

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

Sonos announced that its board has initiated a share repurchase plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Sonos in a report on Friday, February 7th.

Sonos 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.