Lazard Asset Management LLC Invests $927,000 in Sonos, Inc. (NASDAQ:SONO)

Lazard Asset Management LLC acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 61,640 shares of the company's stock, valued at approximately $927,000. Lazard Asset Management LLC owned about 0.05% of Sonos as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the stock. Barclays PLC raised its stake in Sonos by 120.3% in the 3rd quarter. Barclays PLC now owns 923,437 shares of the company's stock valued at $11,350,000 after acquiring an additional 504,293 shares during the period. Nisa Investment Advisors LLC lifted its holdings 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 acquiring an additional 154,011 shares during the last quarter. SG Americas Securities LLC boosted its holdings 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 purchasing an additional 1,644 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Sonos by 115.5% in the fourth quarter. Exchange Traded Concepts LLC now owns 82,203 shares of the company's stock worth $1,236,000 after buying an additional 44,053 shares in the last quarter. Finally, KBC Group NV grew its holdings in shares of Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock valued at $111,000 after purchasing an additional 2,551 shares during the last quarter. Hedge funds and other 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 62,506 shares of Sonos stock in a transaction on Monday, April 7th. The stock was acquired at an average price of $8.38 per share, with a total value 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. This trade represents a 0.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Rosenblatt Securities dropped their price objective on 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 reduced their price target on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday, April 7th.

Sonos Stock Down 2.7%

Shares of NASDAQ:SONO traded down $0.27 on Monday, hitting $9.69. 1,214,701 shares of the company traded hands, compared to its average volume of 1,973,310. The stock has a 50 day simple moving average of $9.65 and a 200-day simple moving average of $12.31. The company has a market cap of $1.16 billion, a PE ratio of -17.00 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 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 shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

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.