Raymond James Financial Inc. Purchases Shares of 111,410 Sonos, Inc. (NASDAQ:SONO)

Raymond James Financial Inc. acquired a new stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 111,410 shares of the company's stock, valued at approximately $1,676,000. Raymond James Financial Inc. owned approximately 0.09% of Sonos at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in Sonos in the 4th quarter valued at $30,000. Smartleaf Asset Management LLC boosted its stake in shares of Sonos by 191.2% in the 4th 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 in the last quarter. GAMMA Investing LLC boosted its stake in shares of Sonos by 50.1% in the 4th 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. KBC Group NV grew its holdings in shares of Sonos by 52.6% in the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after purchasing an additional 2,551 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of Sonos during the 4th quarter worth about $177,000. 85.82% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

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Sonos Trading Down 3.4 %

Shares of Sonos stock traded down $0.30 during midday trading on Friday, reaching $8.60. The company had a trading volume of 3,129,024 shares, compared to its average volume of 1,870,151. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -15.09 and a beta of 1.98. The stock has a fifty day simple moving average of $12.48 and a 200 day simple moving average of $13.19. Sonos, Inc. has a 1-year low of $7.95 and a 1-year high of $18.48.

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

Sonos announced that its Board of Directors has approved a stock buyback program on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 10.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is 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.