Franklin Resources Inc. reduced its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 10.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,457,881 shares of the company's stock after selling 176,950 shares during the quarter. Franklin Resources Inc. owned about 1.21% of Sonos worth $21,927,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in SONO. SBI Securities Co. Ltd. bought a new position in Sonos in the fourth quarter valued at approximately $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Sonos in the 4th quarter valued at $31,000. Smartleaf Asset Management LLC increased 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 during the last quarter. GAMMA Investing LLC increased 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 during the last quarter. Finally, KBC Group NV raised its holdings in shares of Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after buying an additional 2,551 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.
Sonos Trading Down 3.4 %
SONO traded down $0.28 on Friday, reaching $8.00. The stock had a trading volume of 2,390,379 shares, compared to its average volume of 1,910,843. The company has a market capitalization of $952.66 million, a price-to-earnings ratio of -14.04 and a beta of 2.01. Sonos, Inc. has a fifty-two week low of $7.70 and a fifty-two week high of $18.02. The firm has a 50-day moving average of $11.71 and a 200-day moving average of $12.98.
Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share 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 anticipate that Sonos, Inc. will post -0.37 EPS for the current fiscal year.
Sonos declared that its Board of Directors has initiated a share buyback program on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 10.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.
Insider Activity at Sonos
In related news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the purchase, the insider now directly owns 12,055,582 shares in the company, valued at $110,549,686.94. The trade was a 1.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 1.80% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several analysts recently weighed in on SONO shares. Jefferies Financial Group reduced their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Sonos in a research note on Friday, February 7th.
Check Out Our Latest Report on Sonos
Sonos Company Profile
(
Free Report)
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.
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