D. E. Shaw & Co. Inc. Sells 32,306 Shares of Sonos, Inc. (NASDAQ:SONO)

D. E. Shaw & Co. Inc. trimmed its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 51.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,929 shares of the company's stock after selling 32,306 shares during the quarter. D. E. Shaw & Co. Inc.'s holdings in Sonos were worth $465,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in SONO. Barclays PLC boosted its position in Sonos by 120.3% during the 3rd quarter. Barclays PLC now owns 923,437 shares of the company's stock worth $11,350,000 after acquiring an additional 504,293 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Sonos by 7,557.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock worth $2,347,000 after buying an additional 154,011 shares in the last quarter. SG Americas Securities LLC lifted its stake 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 worth $614,000 after acquiring an additional 1,644 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Sonos by 115.5% during the fourth quarter. Exchange Traded Concepts LLC now owns 82,203 shares of the company's stock valued at $1,236,000 after acquiring an additional 44,053 shares during the period. Finally, KBC Group NV raised its holdings in Sonos by 52.6% during the fourth quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after purchasing an additional 2,551 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Trading Down 3.2%

NASDAQ:SONO traded down $0.34 during trading hours on Friday, hitting $10.26. 257,748 shares of the stock traded hands, compared to its average volume of 1,965,810. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $16.30. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -17.95 and a beta of 2.06. The firm has a 50 day moving average price of $9.57 and a 200 day moving average price of $12.26.

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

Insiders Place Their Bets

In related 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 purchased at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the acquisition, the insider now owns 12,118,088 shares in the company, valued at $101,549,577.44. This trade represents a 0.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Jefferies Financial Group lowered 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 cut their price target on shares of Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

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.