Sonos, Inc. (NASDAQ:SONO) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. lessened its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 51.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,929 shares of the company's stock after selling 32,306 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Sonos were worth $465,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Bridgefront Capital LLC purchased a new position in Sonos in the fourth quarter worth about $259,000. Captrust Financial Advisors bought a new stake in Sonos during the 4th quarter worth approximately $162,000. Balyasny Asset Management L.P. bought a new stake in Sonos during the 4th quarter worth approximately $2,125,000. Baird Financial Group Inc. bought a new stake in Sonos during the 4th quarter worth approximately $1,228,000. Finally, Ameriprise Financial Inc. raised its position in shares of Sonos by 10.9% during the fourth quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company's stock valued at $9,855,000 after buying an additional 64,241 shares during the last quarter. Institutional investors own 85.82% of the company's stock.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of Sonos stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the purchase, the insider now directly owns 12,055,582 shares in the company, valued at $110,549,686.94. This represents a 1.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.80% of the company's stock.

Sonos Stock Performance

NASDAQ SONO traded up $0.16 during trading hours on Wednesday, reaching $10.47. The stock had a trading volume of 1,672,263 shares, compared to its average volume of 1,971,887. The stock has a fifty day moving average of $9.62 and a 200 day moving average of $12.30. The stock has a market cap of $1.26 billion, a P/E ratio of -18.37 and a beta of 2.06. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $16.34.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on SONO. Jefferies Financial Group cut their target price on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th. 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.

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.