Sonos, Inc. (NASDAQ:SONO) Shares Acquired by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. increased its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 14.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,187,522 shares of the company's stock after purchasing an additional 408,479 shares during the period. Jacobs Levy Equity Management Inc. owned 2.64% of Sonos worth $47,940,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the stock. Jefferies Financial Group Inc. lifted its holdings in shares of Sonos by 57.4% in the 4th quarter. Jefferies Financial Group Inc. now owns 16,011 shares of the company's stock worth $241,000 after purchasing an additional 5,838 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Sonos in the 4th quarter worth approximately $1,183,000. Coliseum Capital Management LLC lifted its holdings in shares of Sonos by 50.3% in the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock worth $161,440,000 after purchasing an additional 3,590,782 shares during the last quarter. Bridgefront Capital LLC bought a new stake in shares of Sonos in the 4th quarter worth approximately $259,000. Finally, Captrust Financial Advisors bought a new stake in Sonos during the 4th quarter valued at $162,000. Institutional investors own 85.82% of the company's stock.

Sonos Price Performance

Shares of SONO traded down $0.09 during midday trading on Thursday, reaching $10.83. The stock had a trading volume of 1,711,307 shares, compared to its average volume of 1,968,863. The company has a market capitalization of $1.29 billion, a P/E ratio of -19.00 and a beta of 2.06. The firm's 50 day moving average price is $9.86 and its 200-day moving average price is $12.49. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $17.63.

Sonos declared that its Board of Directors has initiated a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SONO. Jefferies Financial Group cut their target price 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 cut their target price on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was acquired at an average cost 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 purchase was disclosed in a filing with the SEC, which is available through this link. 1.80% of the stock is owned by corporate insiders.

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.