Man Group plc Sells 58,765 Shares of Sonos, Inc. (NASDAQ:SONO)

Man Group plc cut its position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 14.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 337,019 shares of the company's stock after selling 58,765 shares during the quarter. Man Group plc owned 0.28% of Sonos worth $5,069,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SONO. Occudo Quantitative Strategies LP bought a new position in shares of Sonos during the 4th quarter worth approximately $196,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Sonos during the fourth quarter worth $978,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Sonos by 1.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company's stock valued at $1,030,000 after purchasing an additional 1,033 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in Sonos in the 4th quarter valued at $927,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in Sonos by 14.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company's stock worth $47,940,000 after buying an additional 408,479 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company's stock.

Sonos Price Performance

SONO stock traded down $0.27 during trading hours on Monday, reaching $9.69. The stock had a trading volume of 1,214,701 shares, compared to its average volume of 1,973,310. The stock has a 50-day simple moving average of $9.68 and a 200 day simple moving average of $12.34. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $16.34. The stock has a market capitalization of $1.16 billion, a PE ratio of -17.00 and a beta of 2.06.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on SONO shares. Rosenblatt Securities decreased their price objective on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group decreased their price target on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, April 7th.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the business's 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 directly owns 12,118,088 shares of the company's stock, valued at $101,549,577.44. This trade represents a 0.52% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.80% of the stock is currently owned by corporate 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.