BNP Paribas Financial Markets lessened its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 72.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,784 shares of the company's stock after selling 93,783 shares during the quarter. BNP Paribas Financial Markets' holdings in Sonos were worth $538,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in SONO. Barclays PLC increased its stake in Sonos by 120.3% in the third quarter. Barclays PLC now owns 923,437 shares of the company's stock valued at $11,350,000 after purchasing an additional 504,293 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Sonos by 7,557.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock valued at $2,347,000 after buying an additional 154,011 shares during the period. SG Americas Securities LLC grew its holdings in shares of Sonos by 4.2% in the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company's stock valued at $614,000 after buying an additional 1,644 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Sonos by 115.5% in the 4th quarter. Exchange Traded Concepts LLC now owns 82,203 shares of the company's stock valued at $1,236,000 after buying an additional 44,053 shares in the last quarter. Finally, KBC Group NV raised its stake in Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after buying an additional 2,551 shares during the period. Institutional investors and hedge funds own 85.82% of the company's stock.
Insider Buying and Selling
In other Sonos news, major shareholder Coliseum Capital Management, L bought 62,506 shares of Sonos stock in a transaction that occurred on Monday, April 7th. The stock was acquired 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 owns 12,118,088 shares of the company's stock, valued at $101,549,577.44. This trade represents a 0.52% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is owned by corporate insiders.
Sonos Price Performance
Shares of SONO traded up $0.62 during midday trading on Tuesday, hitting $10.31. The stock had a trading volume of 1,917,099 shares, compared to its average volume of 1,973,085. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -18.09 and a beta of 2.06. The company has a 50 day simple moving average of $9.65 and a two-hundred day simple moving average of $12.31. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $16.34.
Sonos declared that its board has approved a share buyback program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
SONO has been the topic of a number of research analyst reports. Jefferies Financial Group dropped their price target on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities dropped their target price on shares of Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 8th.
Read Our Latest Research Report on SONO
About Sonos
(
Free Report)
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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