Wellington Management Group LLP Raises Stock Holdings in Sonos, Inc. (NASDAQ:SONO)

Wellington Management Group LLP lifted its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 10.6% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,654,074 shares of the company's stock after buying an additional 351,057 shares during the quarter. Wellington Management Group LLP owned approximately 3.07% of Sonos worth $54,957,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new position in Sonos during the fourth quarter valued at $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in Sonos in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its stake in Sonos by 191.2% in 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 period. Headlands Technologies LLC purchased a new stake in shares of Sonos during the fourth quarter valued at about $84,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Sonos during the fourth quarter valued at about $103,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Insider Buying and Selling at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of Sonos stock in a transaction that occurred on Monday, April 7th. The shares were purchased at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on SONO. Rosenblatt Securities cut their price target on shares of 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 cut their target price on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th.

Sonos Stock Performance

Sonos stock traded up $0.21 during trading on Tuesday, reaching $10.31. The company had a trading volume of 302,330 shares, compared to its average volume of 1,969,889. The firm's 50-day simple moving average is $9.51 and its 200 day simple moving average is $12.19. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $16.30. The firm has a market capitalization of $1.24 billion, a PE ratio of -18.09 and a beta of 2.06.

Sonos declared that its board has authorized a stock repurchase plan on Monday, February 24th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

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.