Wells Fargo & Company MN Buys 18,592 Shares of Sonos, Inc. (NASDAQ:SONO)

Wells Fargo & Company MN boosted its stake in Sonos, Inc. (NASDAQ:SONO) by 26.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,595 shares of the company’s stock after purchasing an additional 18,592 shares during the quarter. Wells Fargo & Company MN owned about 0.07% of Sonos worth $1,348,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. SBI Securities Co. Ltd. bought a new stake in shares of Sonos during the 4th quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. bought a new stake in Sonos during the fourth quarter worth $31,000. Smartleaf Asset Management LLC boosted its holdings in shares of Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after purchasing an additional 1,721 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Sonos by 50.1% in the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $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 during the 4th quarter worth $84,000. Institutional investors own 85.82% of the company’s stock.

Sonos Trading Down 0.5 %

Shares of SONO opened at $9.17 on Tuesday. The company has a market capitalization of $1.09 billion, a PE ratio of -16.09 and a beta of 2.01. The stock’s 50-day moving average price is $10.59 and its two-hundred day moving average price is $12.72. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $18.02.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. Equities research analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos announced that its board has initiated a stock repurchase plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Sonos

In other news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of Sonos stock in a transaction on Thursday, April 3rd. The stock was purchased at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the purchase, the insider now owns 12,055,582 shares of the company’s stock, valued at approximately $110,549,686.94. The trade was a 1.24 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on SONO. Jefferies Financial Group decreased their target price 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 reissued a “buy” rating and set a $18.00 price objective on shares of Sonos in a report on Friday, February 7th.

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.