Caden Capital Partners LP Sells 245,055 Shares of Sonos, Inc. (NASDAQ:SONO)

Caden Capital Partners LP cut its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 53.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 215,000 shares of the company's stock after selling 245,055 shares during the quarter. Sonos makes up 1.0% of Caden Capital Partners LP's portfolio, making the stock its 10th largest holding. Caden Capital Partners LP owned about 0.18% of Sonos worth $3,234,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new stake in shares of Sonos in the 4th quarter valued at about $30,000. Mountain Hill Investment Partners Corp. bought a new stake in Sonos in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its holdings in 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 purchasing an additional 1,721 shares during the period. GAMMA Investing LLC boosted its position in shares of Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after purchasing an additional 1,352 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Sonos in the 4th quarter valued at $84,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SONO. Rosenblatt Securities restated a "buy" rating and set a $18.00 price objective on shares of Sonos in a report on Friday, February 7th. Jefferies Financial Group decreased their target price on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, April 7th.

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L bought 62,506 shares of the stock in a transaction on Monday, April 7th. The stock was acquired at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the acquisition, the insider now owns 12,118,088 shares in the company, valued at $101,549,577.44. This trade represents a 0.52 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.80% of the company's stock.

Sonos Stock Up 1.8 %

Shares of NASDAQ:SONO traded up $0.17 during midday trading on Thursday, hitting $9.38. The stock had a trading volume of 1,567,349 shares, compared to its average volume of 1,949,009. The company has a market capitalization of $1.12 billion, a P/E ratio of -16.46 and a beta of 2.01. The company's 50-day moving average price is $10.48 and its 200-day moving average price is $12.67. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $18.02.

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

Sonos declared that its board has initiated 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 often a sign that the company's leadership believes its shares are undervalued.

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.