GAMMA Investing LLC Raises Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

GAMMA Investing LLC increased its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 710.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,800 shares of the company's stock after purchasing an additional 28,752 shares during the quarter. GAMMA Investing LLC's holdings in Sonos were worth $350,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in Sonos in the 4th quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. bought a new stake in Sonos during the fourth quarter valued at $31,000. Smartleaf Asset Management LLC grew its position in Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after buying an additional 1,721 shares in the last quarter. Headlands Technologies LLC bought a new position in Sonos in the 4th quarter worth about $84,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Sonos in the 4th quarter worth about $103,000. 85.82% of the stock is currently owned by institutional investors.

Sonos Price Performance

NASDAQ SONO traded up $0.28 during trading hours on Tuesday, reaching $10.34. 2,176,594 shares of the stock traded hands, compared to its average volume of 1,975,747. The stock has a 50 day simple moving average of $9.77 and a two-hundred day simple moving average of $11.81. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.89. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -17.53 and a beta of 2.07.

Sonos announced that its Board of Directors has authorized a stock repurchase plan on Monday, February 24th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 147,157 shares of the business's stock in a transaction on Thursday, April 3rd. The stock was acquired at an average cost of $9.17 per share, for a total transaction of $1,349,429.69. Following the completion of the transaction, the insider now directly owns 12,055,582 shares in the company, valued at approximately $110,549,686.94. This represents a 1.24% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have acquired 861,251 shares of company stock worth $8,454,123 over the last ninety days. Insiders own 1.80% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Jefferies Financial Group cut their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a 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 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.