Millennium Management LLC Sells 855,590 Shares of Sonos, Inc. (NASDAQ:SONO)

Millennium Management LLC lessened its holdings in Sonos, Inc. (NASDAQ:SONO - Free Report) by 51.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 807,202 shares of the company's stock after selling 855,590 shares during the period. Millennium Management LLC owned 0.67% of Sonos worth $12,140,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in SONO. SBI Securities Co. Ltd. bought a new position in shares of Sonos during the fourth quarter valued at about $30,000. Mountain Hill Investment Partners Corp. purchased a new position in Sonos in the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC raised its stake in Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock valued at $39,000 after buying an additional 1,721 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Sonos during the 4th quarter valued at $84,000. Finally, KBC Group NV grew its position in shares of Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock valued at $111,000 after acquiring an additional 2,551 shares during the period. Hedge funds and other institutional investors own 85.82% of the company's stock.

Sonos Stock Performance

Shares of SONO traded up $0.62 during midday trading on Tuesday, hitting $10.31. 1,917,099 shares of the company traded hands, compared to its average volume of 1,973,085. The firm has a 50 day moving average of $9.65 and a 200-day moving average of $12.31. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -18.09 and a beta of 2.06. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $16.34.

Sonos announced that its board has authorized a stock buyback plan on Monday, February 24th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 10.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the firm's stock in a transaction on Thursday, April 3rd. The stock was acquired at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the purchase, the insider now directly owns 12,055,582 shares in the company, valued at approximately $110,549,686.94. This trade represents a 1.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SONO shares. Rosenblatt Securities dropped their price objective on shares of 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 dropped their price objective 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 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.