Deutsche Bank AG Cuts Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Deutsche Bank AG lowered its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 33.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,496 shares of the company's stock after selling 57,654 shares during the quarter. Deutsche Bank AG owned about 0.09% of Sonos worth $1,722,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bridgefront Capital LLC bought a new position in Sonos in the fourth quarter worth about $259,000. Captrust Financial Advisors bought a new position in shares of Sonos during the 4th quarter worth approximately $162,000. Balyasny Asset Management L.P. purchased a new stake in Sonos during the fourth quarter valued at approximately $2,125,000. Baird Financial Group Inc. acquired a new stake in Sonos in the fourth quarter valued at approximately $1,228,000. Finally, Ameriprise Financial Inc. grew its holdings in Sonos by 10.9% in the fourth quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company's stock worth $9,855,000 after purchasing an additional 64,241 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analysts Set New Price Targets

SONO has been the topic of several research analyst reports. Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research note 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 on the stock in a research note on Thursday, May 8th.

Insider Activity at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of Sonos stock in a transaction that occurred on Thursday, April 3rd. The stock was purchased at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the acquisition, the insider now directly owns 12,055,582 shares in the company, valued at approximately $110,549,686.94. This trade represents a 1.24% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is owned by insiders.

Sonos Price Performance

Sonos stock traded up $0.62 during trading hours on Tuesday, hitting $10.31. 1,917,099 shares of the stock traded hands, compared to its average volume of 1,973,085. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $16.34. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -18.09 and a beta of 2.06. The firm's 50 day moving average price is $9.65 and its 200-day moving average price is $12.31.

Sonos announced that its Board of Directors has approved a share repurchase program on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are 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.