Sonos, Inc. (NASDAQ:SONO) Position Boosted by Ameriprise Financial Inc.

Ameriprise Financial Inc. lifted its stake in Sonos, Inc. (NASDAQ:SONO) by 10.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 655,241 shares of the company’s stock after purchasing an additional 64,241 shares during the quarter. Ameriprise Financial Inc. owned 0.54% of Sonos worth $9,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP boosted its stake in shares of Sonos by 10.6% during the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company’s stock valued at $54,957,000 after buying an additional 351,057 shares during the period. Schroder Investment Management Group boosted its position in Sonos by 0.7% during the fourth quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company’s stock valued at $45,591,000 after purchasing an additional 21,126 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Sonos by 5.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company’s stock valued at $40,413,000 after purchasing an additional 148,608 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company’s stock valued at $25,544,000 after purchasing an additional 119,595 shares in the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its position in Sonos by 0.9% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company’s stock worth $25,134,000 after purchasing an additional 15,171 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on SONO shares. Rosenblatt Securities reduced their target price on shares of Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group cut their price target on shares of Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 7th.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the business’s stock in a transaction dated Monday, April 7th. The stock was bought 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 directly owns 12,118,088 shares in the company, valued at $101,549,577.44. This represents a 0.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Sonos Stock Performance

SONO opened at $10.62 on Tuesday. The firm has a market cap of $1.28 billion, a P/E ratio of -18.63 and a beta of 2.06. The business has a 50 day moving average price of $9.80 and a 200 day moving average price of $12.44. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $16.96.

Sonos declared that its Board of Directors has initiated a share buyback program 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 shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is 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.