Bank of New York Mellon Corp Sells 33,464 Shares of 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 SONO. 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. Cornercap Investment Counsel Inc. acquired a new position in shares of Sonos during the third quarter worth about $539,000. Gladius Capital Management LP acquired a new position in shares of Sonos during the third quarter worth about $30,000. Quest Partners LLC boosted its position in shares of Sonos by 321.8% during the third quarter. Quest Partners LLC now owns 20,457 shares of the company's stock worth $251,000 after buying an additional 15,607 shares during the period. Finally, LMR Partners LLP acquired a new position in shares of Sonos during the third quarter worth about $7,412,000. 85.82% of the stock is currently owned by institutional investors.

Sonos Stock Performance

NASDAQ SONO traded up $0.22 during trading hours on Friday, hitting $11.42. 1,309,340 shares of the company traded hands, compared to its average volume of 2,071,209. The business's 50-day moving average is $13.49 and its 200-day moving average is $13.28. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76. The stock has a market capitalization of $1.36 billion, a price-to-earnings ratio of -20.04 and a beta of 1.98.

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

Sonos announced that its board has initiated a stock repurchase plan on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price objective 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.