Public Employees Retirement System of Ohio Raises Position in Sonos, Inc. (NASDAQ:SONO)

Public Employees Retirement System of Ohio grew its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 2,283.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,071 shares of the company's stock after purchasing an additional 42,222 shares during the period. Public Employees Retirement System of Ohio's holdings in Sonos were worth $663,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Sonos by 1.5% in the 4th 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. Smartleaf Asset Management LLC grew its position in 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 buying an additional 1,721 shares during the period. Ironwood Investment Management LLC increased its holdings in Sonos by 4.0% in the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company's stock valued at $702,000 after buying an additional 1,782 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Sonos in the fourth quarter valued at about $30,000. Finally, Mountain Hill Investment Partners Corp. acquired a new stake in shares of Sonos during the 4th quarter valued at approximately $31,000. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Stock Performance

NASDAQ:SONO traded down $0.02 during mid-day trading on Friday, hitting $10.04. 1,234,787 shares of the company's stock traded hands, compared to its average volume of 1,981,026. The company has a market cap of $1.21 billion, a PE ratio of -17.61 and a beta of 2.06. The firm's 50 day simple moving average is $9.45 and its 200 day simple moving average is $12.11. 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 share repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SONO has been the topic of several research analyst reports. Jefferies Financial Group decreased 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. Rosenblatt Securities decreased their target price on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the company's stock in a transaction that occurred on Monday, April 7th. The stock was purchased at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the transaction, the insider now owns 12,118,088 shares in the company, valued at $101,549,577.44. This trade represents a 0.52% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by corporate insiders.

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.