BNP Paribas Financial Markets Has $538,000 Position in Sonos, Inc. (NASDAQ:SONO)

BNP Paribas Financial Markets reduced its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 72.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,784 shares of the company's stock after selling 93,783 shares during the period. BNP Paribas Financial Markets' holdings in Sonos were worth $538,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Wellington Management Group LLP raised its position in shares of 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 acquiring an additional 351,057 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of Sonos by 0.7% during the fourth quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company's stock worth $45,591,000 after purchasing an additional 21,126 shares during the period. Dimensional Fund Advisors LP increased its holdings 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 purchasing an additional 148,608 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 buying an additional 119,595 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. lifted its stake 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 buying an additional 15,171 shares during the period. 85.82% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SONO. Rosenblatt Securities decreased their target price on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group reduced their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday, April 7th.

Insider Buying and Selling

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

Sonos Price Performance

SONO traded up $0.12 during trading on Thursday, reaching $10.59. The company had a trading volume of 1,204,883 shares, compared to its average volume of 1,972,404. The company has a market cap of $1.27 billion, a P/E ratio of -18.58 and a beta of 2.06. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $16.30. The business's fifty day moving average price is $9.57 and its 200 day moving average price is $12.26.

Sonos declared that its board has authorized a share repurchase program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

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.