Trigran Investments Inc. Cuts Stock Position in Sonos, Inc. (NASDAQ:SONO)

Trigran Investments Inc. cut its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 12.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,231,712 shares of the company's stock after selling 585,923 shares during the quarter. Sonos comprises approximately 7.3% of Trigran Investments Inc.'s holdings, making the stock its 7th largest position. Trigran Investments Inc. owned about 3.51% of Sonos worth $63,645,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. NBW Capital LLC lifted its stake in shares of Sonos by 42.6% in the 4th quarter. NBW Capital LLC now owns 256,134 shares of the company's stock valued at $3,852,000 after purchasing an additional 76,454 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Sonos during the fourth quarter valued at about $403,000. Barclays PLC lifted its position in shares of Sonos by 120.3% in the third quarter. Barclays PLC now owns 923,437 shares of the company's stock worth $11,350,000 after buying an additional 504,293 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Sonos by 7,557.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock worth $2,347,000 after acquiring an additional 154,011 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Sonos during the 4th quarter valued at about $4,322,000. 85.82% of the stock is owned by institutional investors.

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. Insiders own 1.80% of the company's stock.

Sonos Stock Performance

NASDAQ SONO opened at $8.07 on Friday. The stock has a 50-day simple moving average of $11.10 and a 200 day simple moving average of $12.84. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $18.02. The stock has a market capitalization of $961.00 million, a PE ratio of -14.16 and a beta of 2.01.

Sonos (NASDAQ:SONO - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. As a group, equities research analysts forecast that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos declared that its Board of Directors has approved a stock repurchase program on Monday, February 24th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

SONO has been the subject of several analyst reports. Rosenblatt Securities restated a "buy" rating and issued a $18.00 target price on shares of Sonos in a report on Friday, February 7th. Jefferies Financial Group dropped their price target on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th.

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.

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