Vanguard Group Inc. Reduces Position in Sonos, Inc. (NASDAQ:SONO)

Vanguard Group Inc. decreased its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,117,941 shares of the company's stock after selling 542,725 shares during the quarter. Vanguard Group Inc. owned about 11.71% of Sonos worth $212,334,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. 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 worth $61,000 after acquiring an additional 1,352 shares during the last quarter. SG Americas Securities LLC increased its position in Sonos by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 40,839 shares of the company's stock worth $614,000 after purchasing an additional 1,644 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after purchasing an additional 1,721 shares during the period. Ironwood Investment Management LLC boosted its holdings in Sonos by 4.0% in the 4th quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company's stock valued at $702,000 after purchasing an additional 1,782 shares during the last quarter. Finally, SBI Securities Co. Ltd. acquired a new position in Sonos in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Sonos Price Performance

Shares of SONO stock traded down $0.70 during trading hours on Thursday, hitting $8.28. The company had a trading volume of 2,254,501 shares, compared to its average volume of 1,904,973. The stock has a market capitalization of $986.01 million, a PE ratio of -14.53 and a beta of 2.01. The company's fifty day moving average is $11.84 and its 200 day moving average is $13.01. Sonos, Inc. has a fifty-two week low of $7.72 and a fifty-two week high of $18.02.

Sonos (NASDAQ:SONO - Get Free Report) last released 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%. Equities analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Sonos announced that its board has initiated a share repurchase plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price objective on shares of Sonos in a report on Friday, February 7th. Jefferies Financial Group reduced their target price on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday.

Insider Buying and Selling

In related news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the business's stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the transaction, the insider now owns 12,055,582 shares of the company's stock, valued at $110,549,686.94. The trade was a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by corporate insiders.

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.