OMERS ADMINISTRATION Corp Reduces Holdings in Sonos, Inc. (NASDAQ:SONO)

OMERS ADMINISTRATION Corp reduced its position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 39.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,200 shares of the company's stock after selling 66,200 shares during the period. OMERS ADMINISTRATION Corp owned about 0.08% of Sonos worth $1,507,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of SONO. NBW Capital LLC lifted its stake 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 in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Sonos during the fourth quarter worth about $403,000. Barclays PLC lifted its position in shares of Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company's stock worth $11,350,000 after purchasing an additional 504,293 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Sonos by 7,557.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock valued at $2,347,000 after purchasing an additional 154,011 shares during the period. Finally, Norges Bank acquired a new position in shares of Sonos in the fourth quarter valued at approximately $4,322,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Price Performance

Shares of Sonos stock traded down $0.22 on Wednesday, reaching $10.26. 216,978 shares of the company were exchanged, compared to its average volume of 1,965,405. The stock's 50 day moving average price is $9.78 and its 200-day moving average price is $12.43. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $16.62. The company has a market cap of $1.23 billion, a P/E ratio of -17.99 and a beta of 2.06.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SONO shares. Jefferies Financial Group reduced 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. Rosenblatt Securities cut their price objective on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 147,157 shares of the firm's stock in a transaction on Thursday, April 3rd. The stock was bought at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the acquisition, the insider now directly owns 12,055,582 shares of the company's stock, valued at approximately $110,549,686.94. This represents a 1.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is owned by insiders.

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.