Bank of America Corp DE Sells 240,583 Shares of Sonos, Inc. (NASDAQ:SONO)

Bank of America Corp DE lowered its position in shares of Sonos, Inc. (NASDAQ:SONO) by 31.5% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 523,810 shares of the company’s stock after selling 240,583 shares during the quarter. Bank of America Corp DE owned about 0.43% of Sonos worth $7,878,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in Sonos by 10.6% in the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company’s stock valued at $54,957,000 after purchasing an additional 351,057 shares in the last quarter. Schroder Investment Management Group raised its holdings in shares of Sonos by 0.7% during the 4th quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company’s stock worth $45,591,000 after buying an additional 21,126 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Sonos by 5.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company’s stock worth $40,413,000 after buying an additional 148,608 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Sonos by 7.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company’s stock worth $25,544,000 after buying an additional 119,595 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in Sonos by 0.9% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company’s stock valued at $25,134,000 after buying an additional 15,171 shares in the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

Sonos stock opened at $9.69 on Monday. The firm has a market cap of $1.16 billion, a P/E ratio of -17.00 and a beta of 2.06. Sonos, Inc. has a one year low of $7.63 and a one year high of $16.34. The stock’s 50 day moving average is $9.68 and its 200 day moving average is $12.34.

Sonos declared that its Board of Directors has initiated a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Sonos

In related news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the company’s stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average price of $9.17 per share, for a total transaction of $1,349,429.69. Following the transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on SONO shares. Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Rosenblatt Securities reduced their price objective 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.

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.