Raymond James Financial Inc. Buys New Position in Sonos, Inc. (NASDAQ:SONO)

Raymond James Financial Inc. purchased a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 111,410 shares of the company's stock, valued at approximately $1,676,000. Raymond James Financial Inc. owned about 0.09% of Sonos at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP lifted its holdings in Sonos by 10.6% during the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock valued at $54,957,000 after purchasing an additional 351,057 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Sonos by 0.7% in the fourth quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company's stock valued at $45,591,000 after acquiring an additional 21,126 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Sonos by 7.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company's stock worth $25,544,000 after acquiring an additional 119,595 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in Sonos by 0.9% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company's stock valued at $25,134,000 after purchasing an additional 15,171 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Sonos by 9.4% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 960,187 shares of the company's stock worth $14,441,000 after purchasing an additional 82,429 shares during the period. Institutional investors and hedge funds own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SONO. Jefferies Financial Group dropped their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, April 7th. 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 Price Performance

NASDAQ SONO traded up $0.08 during trading hours on Friday, reaching $9.46. The company's stock had a trading volume of 1,155,485 shares, compared to its average volume of 1,953,268. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $18.02. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -16.60 and a beta of 2.01. The company's 50-day moving average is $10.34 and its two-hundred day moving average is $12.64.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate 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 forecast that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos declared that its board has approved a share repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the stock in a transaction dated Monday, April 7th. The shares were bought at an average cost of $8.38 per share, with a total value of $523,800.28. Following the completion of the acquisition, the insider now owns 12,118,088 shares of the company's stock, valued at approximately $101,549,577.44. This trade represents a 0.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company's stock.

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.