Rosenblatt Securities Lowers Sonos (NASDAQ:SONO) Price Target to $15.00

Sonos (NASDAQ:SONO - Free Report) had its price objective lowered by Rosenblatt Securities from $18.00 to $15.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Jefferies Financial Group lowered their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, April 7th.

Sonos Price Performance

Sonos stock traded up $0.59 during mid-day trading on Thursday, hitting $10.43. The company's stock had a trading volume of 4,210,377 shares, compared to its average volume of 1,966,088. The business has a 50 day moving average price of $9.97 and a 200-day moving average price of $12.52. Sonos has a 12 month low of $7.63 and a 12 month high of $17.65. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -18.30 and a beta of 2.06.

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

Sonos declared that its board has initiated a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the company's stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average price of $9.17 per share, for a total transaction 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 represents a 1.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. bought a new position in shares of Sonos during the fourth quarter valued at approximately $30,000. Mountain Hill Investment Partners Corp. bought a new position in Sonos during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its stake in Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock valued at $39,000 after buying an additional 1,721 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after acquiring an additional 1,352 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in shares of Sonos by 38.8% in the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after acquiring an additional 2,168 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

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.