1,205,111 Shares in Sonos, Inc. (NASDAQ:SONO) Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP acquired a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 1,205,111 shares of the company's stock, valued at approximately $18,125,000. Freestone Grove Partners LP owned approximately 1.00% of Sonos at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos during the fourth quarter worth about $30,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Sonos during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC increased its stake in shares of 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 buying an additional 1,721 shares during the last quarter. GAMMA Investing LLC grew its holdings in Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after acquiring an additional 1,352 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Sonos during the 4th quarter worth $84,000. Institutional investors and hedge funds 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 the business'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 purchase, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. This trade represents a 0.52 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

SONO has been the topic of several research reports. Rosenblatt Securities reissued a "buy" rating and set a $18.00 price target on shares of Sonos in a research report on Friday, February 7th. Jefferies Financial Group dropped their target price on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, April 7th.

Sonos Price Performance

Shares of NASDAQ SONO traded up $0.08 during mid-day trading on Friday, hitting $9.46. The company had a trading volume of 1,155,485 shares, compared to its average volume of 1,953,268. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -16.60 and a beta of 2.01. The firm's 50 day simple moving average is $10.34 and its two-hundred day simple moving average is $12.64. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $18.02.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. Equities analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Sonos declared that its board has approved a share buyback plan on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are 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.