Sonos (NASDAQ:SONO) to Buyback $150.00 million in Outstanding Stock

Sonos (NASDAQ:SONO - Get Free Report) declared that its Board of Directors has initiated a share buyback plan on Monday, February 24th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 target price on shares of Sonos in a research note on Friday, February 7th.

Sonos Stock Performance

Sonos stock remained flat at $13.22 during trading hours on Friday. 1,491,020 shares of the company's stock were exchanged, compared to its average volume of 2,177,200. The company's 50 day simple moving average is $14.04 and its two-hundred day simple moving average is $13.20. Sonos has a 1-year low of $10.23 and a 1-year high of $19.76. The stock has a market cap of $1.57 billion, a PE ratio of -23.19 and a beta of 1.97.

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%. Research analysts predict that Sonos will post -0.37 EPS for the current year.

About Sonos

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.