Sonos (NASDAQ:SONO) Given New $13.00 Price Target at Jefferies Financial Group

Sonos (NASDAQ:SONO - Get Free Report) had its price target decreased by research analysts at Jefferies Financial Group from $19.00 to $13.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Jefferies Financial Group's price objective would indicate a potential upside of 62.50% from the company's previous close.

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

Sonos Stock Performance

Sonos stock traded down $0.28 during midday trading on Monday, hitting $8.00. 2,390,379 shares of the company's stock were exchanged, compared to its average volume of 1,910,843. The company has a market cap of $952.66 million, a P/E ratio of -14.04 and a beta of 2.01. The stock has a 50-day moving average price of $11.71 and a two-hundred day moving average price of $12.98. Sonos has a 52-week low of $7.70 and a 52-week high of $18.02.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.40 EPS 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%. As a group, sell-side analysts expect that Sonos will post -0.37 earnings per share for the current year.

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

Insider Buying and Selling

In related news, major shareholder Coliseum Capital Management, L bought 62,506 shares of the business's stock in a transaction dated Monday, April 7th. The shares were purchased at an average price of $8.38 per share, with a total value of $523,800.28. Following the purchase, the insider now 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sonos

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in shares of Sonos in the 4th quarter worth about $30,000. Mountain Hill Investment Partners Corp. bought a new position in shares of Sonos during the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC lifted its holdings in shares of Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock valued at $39,000 after purchasing an additional 1,721 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Sonos by 50.1% in 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 in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Sonos in the 4th quarter worth approximately $84,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

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.