Northern Trust Corp Increases Stock Position in Sonos, Inc. (NASDAQ:SONO)

Northern Trust Corp lifted its holdings in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 9.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,317,712 shares of the company's stock after buying an additional 109,269 shares during the quarter. Northern Trust Corp owned about 1.09% of Sonos worth $19,818,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of SONO. NBW Capital LLC increased its holdings in Sonos by 42.6% during the 4th quarter. NBW Capital LLC now owns 256,134 shares of the company's stock worth $3,852,000 after acquiring an additional 76,454 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Sonos during the 4th quarter worth approximately $403,000. Barclays PLC increased its holdings 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 acquiring an additional 504,293 shares during the period. Nisa Investment Advisors LLC increased its holdings 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 acquiring an additional 154,011 shares during the period. Finally, Norges Bank bought a new stake in Sonos during the 4th quarter worth approximately $4,322,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Jefferies Financial Group decreased their price target 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. Rosenblatt Securities decreased 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.

Sonos Stock Performance

Shares of SONO stock traded up $0.06 on Friday, hitting $10.89. 1,663,550 shares of the company's stock traded hands, compared to its average volume of 1,970,804. Sonos, Inc. has a one year low of $7.63 and a one year high of $17.16. The company's fifty day simple moving average is $9.82 and its 200 day simple moving average is $12.46. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -19.11 and a beta of 2.06.

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

Insider Activity at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of Sonos stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the acquisition, the insider now 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by insiders.

About Sonos

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.