Sonos, Inc. (NASDAQ:SONO) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its position in Sonos, Inc. (NASDAQ:SONO - Free Report) by 76.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,826 shares of the company's stock after selling 60,468 shares during the quarter. Hsbc Holdings PLC's holdings in Sonos were worth $285,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC grew 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 acquiring an additional 504,293 shares during the last quarter. Wellington Management Group LLP grew its position in Sonos by 10.6% during the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock worth $54,957,000 after purchasing an additional 351,057 shares during the last quarter. Norges Bank acquired a new position in Sonos in the fourth quarter valued at $4,322,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Sonos by 192.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 370,100 shares of the company's stock valued at $5,566,000 after buying an additional 243,759 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings 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 buying an additional 154,011 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Sonos Stock Up 6.0 %

Shares of NASDAQ:SONO opened at $10.43 on Friday. The company has a 50-day moving average price of $9.97 and a 200 day moving average price of $12.52. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $17.65. The company has a market cap of $1.24 billion, a P/E ratio of -18.30 and a beta of 2.06.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share 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%. Analysts expect that Sonos, Inc. will post -0.37 EPS for the current year.

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on SONO shares. Jefferies Financial Group dropped their price target on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities dropped their target price on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday.

Insiders Place Their Bets

In other news, major shareholder Coliseum Capital Management, L purchased 147,157 shares of the firm's stock in a transaction dated Thursday, April 3rd. The shares were acquired at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the purchase, the insider now directly owns 12,055,582 shares of the company's stock, valued at $110,549,686.94. The trade was a 1.24 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.80% of the company's stock.

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.

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