Sonos, Inc. (NASDAQ:SONO) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 593,671 shares of the company's stock after acquiring an additional 20,397 shares during the period. Principal Financial Group Inc. owned approximately 0.49% of Sonos worth $8,929,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SONO. Wellington Management Group LLP boosted its position in Sonos by 23.4% during the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company's stock worth $40,594,000 after purchasing an additional 626,172 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in shares of Sonos by 0.9% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company's stock worth $25,134,000 after buying an additional 15,171 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Sonos by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,578,776 shares of the company's stock worth $19,403,000 after buying an additional 12,719 shares in the last quarter. Barclays PLC grew its stake in Sonos by 120.3% in the 3rd quarter. Barclays PLC now owns 923,437 shares of the company's stock valued at $11,350,000 after acquiring an additional 504,293 shares during the last quarter. Finally, Systematic Financial Management LP grew its stake in Sonos by 19.0% in the 3rd quarter. Systematic Financial Management LP now owns 910,354 shares of the company's stock valued at $11,188,000 after acquiring an additional 145,091 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Trading Down 1.7 %

Shares of NASDAQ SONO traded down $0.23 during trading on Monday, reaching $12.99. The company had a trading volume of 1,881,104 shares, compared to its average volume of 2,169,798. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76. The stock has a 50-day moving average price of $14.01 and a two-hundred day moving average price of $13.24. The stock has a market capitalization of $1.55 billion, a PE ratio of -22.79 and a beta of 1.97.

Sonos (NASDAQ:SONO - Get Free Report) last announced its earnings results 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%. On average, sell-side analysts predict that Sonos, Inc. will post -0.37 EPS for the current year.

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

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price target on shares of Sonos in a report 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.