NewEdge Wealth LLC Has $5.72 Million Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

NewEdge Wealth LLC decreased its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 380,084 shares of the company's stock after selling 53,234 shares during the period. NewEdge Wealth LLC owned 0.32% of Sonos worth $5,716,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Gladius Capital Management LP acquired a new stake in Sonos in the third quarter worth $30,000. KBC Group NV increased its holdings in shares of Sonos by 52.5% in the 3rd quarter. KBC Group NV now owns 4,852 shares of the company's stock worth $60,000 after acquiring an additional 1,670 shares during the period. GAMMA Investing LLC lifted its position in 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. International Assets Investment Management LLC boosted its stake in Sonos by 927.0% during the 3rd quarter. International Assets Investment Management LLC now owns 7,497 shares of the company's stock valued at $92,000 after purchasing an additional 6,767 shares during the period. Finally, Hohimer Wealth Management LLC bought a new position in Sonos in the 3rd quarter worth about $148,000. Institutional investors own 85.82% of the company's stock.

Sonos Price Performance

Shares of NASDAQ SONO traded down $0.23 during midday trading on Monday, reaching $12.99. 1,878,547 shares of the company traded hands, compared to its average volume of 2,169,693. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -22.79 and a beta of 1.97. The stock has a 50-day moving average price of $14.01 and a 200 day moving average price of $13.24. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.76.

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

Sonos announced that its board has approved 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 shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reaffirmed a "buy" rating and set 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.