Point72 Asset Management L.P. Makes New Investment in Sonos, Inc. (NASDAQ:SONO)

Point72 Asset Management L.P. bought a new stake in Sonos, Inc. (NASDAQ:SONO - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 868,130 shares of the company's stock, valued at approximately $13,057,000. Point72 Asset Management L.P. owned 0.72% of Sonos at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in Sonos during the fourth quarter worth $30,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Sonos during the fourth quarter worth about $31,000. 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 in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Sonos in the 4th quarter worth about $84,000. Finally, KBC Group NV raised its holdings in shares of Sonos by 52.6% in the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after acquiring an additional 2,551 shares during the last quarter. 85.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SONO. Jefferies Financial Group cut 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. Rosenblatt Securities dropped their target price on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 8th.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the company's stock in a transaction that occurred on Monday, April 7th. The shares were acquired at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the acquisition, the insider now owns 12,118,088 shares of the company's stock, valued at $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 this link. 1.80% of the stock is currently owned by insiders.

Sonos Price Performance

Shares of SONO stock traded up $0.11 on Thursday, hitting $9.96. The stock had a trading volume of 1,413,537 shares, compared to its average volume of 1,968,987. The business has a 50 day moving average of $9.75 and a 200 day moving average of $12.41. Sonos, Inc. has a 12-month low of $7.63 and a 12-month high of $16.45. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -17.47 and a beta of 2.06.

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

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.