Norges Bank Acquires Shares of 287,386 Sonos, Inc. (NASDAQ:SONO)

Norges Bank acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 287,386 shares of the company's stock, valued at approximately $4,322,000. Norges Bank owned 0.24% of Sonos as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC acquired a new stake in shares of Sonos in the 4th quarter valued at about $552,000. Mountain Hill Investment Partners Corp. acquired a new stake in Sonos in the 4th quarter valued at approximately $31,000. KLP Kapitalforvaltning AS bought a new stake in Sonos in the 4th quarter valued at approximately $403,000. AXQ Capital LP acquired a new position in Sonos during the 4th quarter worth approximately $260,000. Finally, American Century Companies Inc. grew its stake in shares of Sonos by 22.5% during the 4th quarter. American Century Companies Inc. now owns 388,743 shares of the company's stock worth $5,847,000 after acquiring an additional 71,448 shares in the last quarter. 85.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the firm's stock in a transaction on Thursday, April 3rd. The shares were purchased at an average cost of $9.17 per share, for a total transaction of $1,349,429.69. Following the completion of the acquisition, the insider now directly owns 12,055,582 shares in the company, valued at approximately $110,549,686.94. This trade represents a 1.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.80% of the company's stock.

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Analysts Set New Price Targets

Several brokerages recently commented on SONO. Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Sonos in a report 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 Stock Up 0.1 %

Shares of NASDAQ:SONO traded up $0.01 during midday trading on Tuesday, hitting $8.00. The stock had a trading volume of 182,623 shares, compared to its average volume of 1,907,497. The company has a market cap of $952.78 million, a P/E ratio of -14.03 and a beta of 2.01. Sonos, Inc. has a 12 month low of $7.70 and a 12 month high of $18.02. The business's 50-day simple moving average is $11.59 and its 200-day simple moving average is $12.96.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.40 EPS for the quarter, beating 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, equities analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current year.

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

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.