Sonos, Inc. (NASDAQ:SONO) Stake Decreased by Stadium Capital Management LLC

Stadium Capital Management LLC decreased its stake in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) by 84.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 104,456 shares of the company's stock after selling 555,035 shares during the quarter. Sonos comprises about 1.3% of Stadium Capital Management LLC's portfolio, making the stock its 10th largest holding. Stadium Capital Management LLC owned approximately 0.09% of Sonos worth $1,571,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of Sonos during the fourth quarter worth $30,000. Mountain Hill Investment Partners Corp. bought a new position in shares of Sonos during the fourth quarter worth $31,000. Smartleaf Asset Management LLC boosted its position in shares of Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after acquiring an additional 1,721 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Sonos during the fourth quarter worth $84,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sonos during the fourth quarter worth $103,000. Institutional investors own 85.82% of the company's stock.

Insider Activity at Sonos

In other news, major shareholder Coliseum Capital Management, L bought 62,506 shares of Sonos stock in a transaction dated Monday, April 7th. The shares were acquired at an average price of $8.38 per share, with a total value of $523,800.28. Following the completion of the purchase, the insider now owns 12,118,088 shares in the company, valued at $101,549,577.44. The trade was a 0.52% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SONO shares. 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 research note 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 research note on Thursday, May 8th.

Sonos Stock Down 2.5%

Sonos stock traded down $0.27 during mid-day trading on Monday, reaching $10.62. 1,691,238 shares of the company's stock traded hands, compared to its average volume of 1,972,984. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -18.63 and a beta of 2.06. The stock has a 50 day moving average of $9.82 and a two-hundred day moving average of $12.46. Sonos, Inc. has a 12-month low of $7.63 and a 12-month high of $16.96.

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

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.