Russell Investments Group Ltd. Sells 36,905 Shares of Sonos, Inc. (NASDAQ:SONO)

Russell Investments Group Ltd. trimmed its position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,425 shares of the company's stock after selling 36,905 shares during the period. Russell Investments Group Ltd. owned approximately 0.18% of Sonos worth $3,285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SONO. SBI Securities Co. Ltd. acquired a new stake in Sonos in the 4th quarter valued at approximately $30,000. Mountain Hill Investment Partners Corp. bought a new position in Sonos during the fourth quarter worth $31,000. Smartleaf Asset Management LLC raised its stake in Sonos by 191.2% during 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 during the last quarter. GAMMA Investing LLC increased its holdings in shares of Sonos by 50.1% during 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 during the period. Finally, Headlands Technologies LLC acquired a new stake in Sonos during the fourth quarter worth about $84,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Trading Up 0.1 %

Sonos stock traded up $0.01 during mid-day trading on Tuesday, hitting $8.08. The stock had a trading volume of 117,893 shares, compared to its average volume of 1,923,076. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $18.02. The stock has a market capitalization of $962.19 million, a PE ratio of -14.21 and a beta of 2.01. The stock has a 50-day simple moving average of $11.00 and a two-hundred day simple moving average of $12.82.

Sonos (NASDAQ:SONO - Get Free Report) last posted 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 return on equity of 13.17% and a negative net margin of 4.73%. Sell-side analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos declared that its board has approved a share repurchase program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to reacquire up to 10.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 147,157 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were purchased at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the transaction, the insider now directly owns 12,055,582 shares of the company's stock, valued at $110,549,686.94. This represents a 1.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

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

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.