81,680 Shares in Sonos, Inc. (NASDAQ:SONO) Bought by Baird Financial Group Inc.

Baird Financial Group Inc. bought a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 81,680 shares of the company's stock, valued at approximately $1,228,000. Baird Financial Group Inc. owned approximately 0.07% of Sonos as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of SONO. Wellington Management Group LLP increased its position in shares of Sonos by 10.6% in the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock worth $54,957,000 after purchasing an additional 351,057 shares during the period. Schroder Investment Management Group grew its position in 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. Dimensional Fund Advisors LP grew its position in Sonos by 5.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company's stock valued at $40,413,000 after acquiring an additional 148,608 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company's stock valued at $25,544,000 after acquiring an additional 119,595 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its position in Sonos by 0.9% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company's stock valued at $25,134,000 after acquiring an additional 15,171 shares during the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

SONO has been the topic of several research reports. Jefferies Financial Group reduced their price target on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Rosenblatt Securities reduced their price target on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 8th.

Insider Buying and Selling

In other news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the firm's stock in a transaction dated Monday, April 7th. The stock was purchased at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the acquisition, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. The trade was a 0.52% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 1.80% of the stock is owned by insiders.

Sonos Price Performance

Shares of Sonos stock traded up $0.06 during midday trading on Friday, reaching $10.89. The company had a trading volume of 1,663,550 shares, compared to its average volume of 1,970,804. The stock has a fifty day moving average price of $9.82 and a 200 day moving average price of $12.46. The firm has a market cap of $1.31 billion, a PE ratio of -19.11 and a beta of 2.06. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $17.16.

Sonos announced that its board has approved a stock buyback plan on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 10.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.