Focus Partners Wealth Takes $1.18 Million Position in Sonos, Inc. (NASDAQ:SONO)

Focus Partners Wealth acquired a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 78,669 shares of the company's stock, valued at approximately $1,183,000. Focus Partners Wealth owned about 0.07% of Sonos at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new position in shares of Sonos in the 4th quarter valued at about $30,000. Mountain Hill Investment Partners Corp. acquired a new position in Sonos in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC boosted its position in Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after purchasing an additional 1,721 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Sonos in the 4th quarter worth approximately $84,000. Finally, KBC Group NV grew its stake in shares of 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 purchasing an additional 2,551 shares during the period. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Stock Performance

Shares of NASDAQ:SONO traded down $0.63 during trading on Wednesday, reaching $9.85. The stock had a trading volume of 1,161,190 shares, compared to its average volume of 1,969,084. The business has a fifty day moving average price of $9.78 and a 200-day moving average price of $12.43. The stock has a market cap of $1.18 billion, a PE ratio of -17.28 and a beta of 2.06. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $16.62.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the business's stock in a transaction on Monday, April 7th. The stock was bought at an average price 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 approximately $101,549,577.44. The trade was a 0.52% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 1.80% of the stock is currently owned by insiders.

Sonos Company 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.