Mackenzie Financial Corp Grows Stock Position in Sonos, Inc. (NASDAQ:SONO)

Mackenzie Financial Corp increased its position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 153.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 89,993 shares of the company's stock after buying an additional 54,475 shares during the quarter. Mackenzie Financial Corp owned about 0.08% of Sonos worth $1,353,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in shares of Sonos during the fourth quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. purchased a new position in Sonos during the 4th quarter worth $31,000. Smartleaf Asset Management LLC grew its position in Sonos by 191.2% during 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 during the last quarter. Headlands Technologies LLC purchased a new position in Sonos during the 4th quarter worth $84,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sonos during the fourth quarter worth about $103,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SONO shares. Rosenblatt Securities lowered their price target on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Jefferies Financial Group lowered 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.

Sonos Trading Up 1.3%

Shares of NASDAQ:SONO traded up $0.13 during midday trading on Tuesday, hitting $10.23. The stock had a trading volume of 639,026 shares, compared to its average volume of 1,971,619. The company has a market capitalization of $1.23 billion, a PE ratio of -17.96 and a beta of 2.06. The stock has a 50 day moving average price of $9.51 and a two-hundred day moving average price of $12.19. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $16.30.

Sonos announced that its Board of Directors has approved a stock buyback program 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 programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were purchased at an average price of $8.38 per share, with a total value of $523,800.28. Following the completion of the acquisition, the insider now owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. This represents a 0.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.80% of the company's stock.

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.