Sonos, Inc. (NASDAQ:SONO) Shares Sold by Millennium Management LLC

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

Other hedge funds have also made changes to their positions in the company. Barclays PLC grew its stake in Sonos by 120.3% during the 3rd quarter. Barclays PLC now owns 923,437 shares of the company's stock worth $11,350,000 after buying an additional 504,293 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Sonos by 7,557.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock worth $2,347,000 after buying an additional 154,011 shares during the last quarter. SG Americas Securities LLC grew its stake in Sonos by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company's stock worth $614,000 after buying an additional 1,644 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in Sonos by 115.5% during the 4th quarter. Exchange Traded Concepts LLC now owns 82,203 shares of the company's stock worth $1,236,000 after buying an additional 44,053 shares during the last quarter. Finally, KBC Group NV grew its stake in Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company's stock worth $111,000 after buying an additional 2,551 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Insider Activity

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction dated Monday, April 7th. The stock was acquired at an average cost of $8.38 per share, with a total value of $523,800.28. Following the acquisition, the insider now directly owns 12,118,088 shares of the company's stock, valued at $101,549,577.44. This represents a 0.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.80% of the company's stock.

Analyst Ratings Changes

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

Sonos Trading Up 0.8%

Shares of SONO traded up $0.08 during mid-day trading on Thursday, hitting $10.55. The company's stock had a trading volume of 308,443 shares, compared to its average volume of 2,038,487. The firm has a 50-day simple moving average of $9.59 and a 200 day simple moving average of $12.28. The firm has a market capitalization of $1.27 billion, a P/E ratio of -18.51 and a beta of 2.06. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $16.33.

Sonos declared that its board has authorized a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

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.