Geode Capital Management LLC Reduces Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Geode Capital Management LLC decreased its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 1.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,787,486 shares of the company's stock after selling 32,970 shares during the period. Geode Capital Management LLC owned 2.31% of Sonos worth $41,934,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos during the 4th quarter valued at approximately $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Sonos during the fourth quarter worth $31,000. Smartleaf Asset Management LLC boosted its holdings 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 acquiring an additional 1,721 shares during the period. GAMMA Investing LLC grew its position in shares of Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock valued at $61,000 after purchasing an additional 1,352 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of 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 own 85.82% of the company's stock.

Insider Activity

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the company's stock in a transaction dated Monday, April 7th. The stock was purchased at an average price of $8.38 per share, with a total value of $523,800.28. Following the completion of the purchase, the insider now owns 12,118,088 shares in the company, valued at $101,549,577.44. This trade represents a 0.52 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on SONO. Rosenblatt Securities restated a "buy" rating and issued a $18.00 target price on shares of Sonos in a research note on Friday, February 7th. Jefferies Financial Group reduced their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, April 7th.

Sonos Trading Up 4.8 %

Shares of SONO traded up $0.37 during trading hours on Friday, reaching $8.07. 2,171,572 shares of the company's stock traded hands, compared to its average volume of 1,925,813. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $18.02. The stock has a market cap of $961.00 million, a PE ratio of -14.16 and a beta of 2.01. The firm's 50 day simple moving average is $11.10 and its 200-day simple moving average is $12.83.

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

Sonos announced that its Board of Directors has initiated a share repurchase program on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

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.