Sonos, Inc. (NASDAQ:SONO) Shares Sold by Man Group plc

Man Group plc trimmed its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 14.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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 filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonos by 1.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company's stock worth $1,030,000 after acquiring an additional 1,033 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Sonos by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 40,839 shares of the company's stock worth $614,000 after acquiring an additional 1,644 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of 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 acquiring an additional 1,721 shares during the last quarter. Ironwood Investment Management LLC increased its position in shares of Sonos by 4.0% during the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company's stock worth $702,000 after acquiring an additional 1,782 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Sonos during the fourth quarter worth about $30,000. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Trading Down 2.7%

Sonos stock traded down $0.27 during midday trading on Friday, hitting $9.69. The stock had a trading volume of 1,214,701 shares, compared to its average volume of 1,970,686. The stock has a market cap of $1.16 billion, a P/E ratio of -17.00 and a beta of 2.06. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $16.34. The business has a fifty day moving average price of $9.68 and a 200 day moving average price of $12.36.

Sonos declared that its Board of Directors has approved a share buyback plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L bought 62,506 shares of the firm's stock in a transaction on Monday, April 7th. The stock was bought at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the purchase, the insider now directly owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. The trade was a 0.52% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SONO. Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities lowered 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.

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.