JPMorgan Chase & Co. Sells 293,913 Shares of Sonos, Inc. (NASDAQ:SONO)

JPMorgan Chase & Co. cut its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 6.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,186,328 shares of the company's stock after selling 293,913 shares during the period. JPMorgan Chase & Co. owned approximately 3.47% of Sonos worth $62,962,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Sonos by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,578,776 shares of the company's stock valued at $19,403,000 after acquiring an additional 12,719 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Sonos by 73.7% during the third quarter. BNP Paribas Financial Markets now owns 129,567 shares of the company's stock valued at $1,592,000 after purchasing an additional 54,972 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in Sonos during the third quarter valued at approximately $381,000. Holocene Advisors LP bought a new stake in Sonos during the third quarter worth approximately $1,416,000. Finally, Systematic Financial Management LP grew its position in Sonos by 19.0% in the third quarter. Systematic Financial Management LP now owns 910,354 shares of the company's stock worth $11,188,000 after buying an additional 145,091 shares during the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Insider Transactions at Sonos

In other news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of Sonos stock in a transaction on Monday, April 7th. The stock was bought at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the transaction, the insider now owns 12,118,088 shares of the company's stock, valued at $101,549,577.44. The trade was a 0.52 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on SONO shares. Rosenblatt Securities reaffirmed 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.

Sonos Price Performance

NASDAQ:SONO traded up $0.83 during mid-day trading on Wednesday, reaching $8.98. The stock had a trading volume of 6,554,673 shares, compared to its average volume of 1,901,473. The stock has a market cap of $1.07 billion, a P/E ratio of -15.75 and a beta of 2.01. The business's 50 day moving average is $11.95 and its 200 day moving average is $13.05. Sonos, Inc. has a fifty-two week low of $7.73 and a fifty-two week high of $18.02.

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

Sonos declared that its Board of Directors has initiated a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Sonos Company 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.