Greenland Capital Management LP Makes New $896,000 Investment in Sonos, Inc. (NASDAQ:SONO)

Greenland Capital Management LP purchased a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 59,542 shares of the company's stock, valued at approximately $896,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Legal & General Group Plc boosted its position in Sonos by 4.3% during the 4th quarter. Legal & General Group Plc now owns 359,565 shares of the company's stock worth $5,408,000 after purchasing an additional 14,743 shares during the period. Bank of Montreal Can raised its position in shares of Sonos by 19.8% in the 4th quarter. Bank of Montreal Can now owns 49,212 shares of the company's stock valued at $740,000 after purchasing an additional 8,121 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Sonos by 26.2% during the fourth quarter. Wells Fargo & Company MN now owns 89,595 shares of the company's stock worth $1,348,000 after buying an additional 18,592 shares in the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of Sonos in the fourth quarter worth $1,710,000. Finally, Headlands Technologies LLC acquired a new stake in Sonos in the fourth quarter valued at $84,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SONO shares. Jefferies Financial Group decreased their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Sonos in a report on Friday, February 7th.

Sonos Stock Performance

SONO remained flat at $8.00 on Monday. 415,936 shares of the company traded hands, compared to its average volume of 1,908,151. The company's fifty day simple moving average is $11.71 and its two-hundred day simple moving average is $12.99. Sonos, Inc. has a 52-week low of $7.70 and a 52-week high of $18.02. The firm has a market capitalization of $952.66 million, a price-to-earnings ratio of -14.04 and a beta of 2.01.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly 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 return on equity of 13.17% and a negative net margin of 4.73%. On average, equities analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos announced that its Board of Directors has initiated a stock buyback program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L bought 62,506 shares of the stock in a transaction on Monday, April 7th. The shares were bought at an average price of $8.38 per share, with a total value of $523,800.28. Following the purchase, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. The trade was a 0.52 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.80% of the stock is owned by company insiders.

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.