D. E. Shaw & Co. Inc. Sells 32,306 Shares of Sonos, Inc. (NASDAQ:SONO)

D. E. Shaw & Co. Inc. trimmed its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 51.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,929 shares of the company’s stock after selling 32,306 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Sonos were worth $465,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in shares of Sonos by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock worth $614,000 after purchasing an additional 1,644 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in 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 buying an additional 1,721 shares during the last quarter. Ironwood Investment Management LLC raised its position in Sonos by 4.0% during the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock worth $702,000 after acquiring an additional 1,782 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Sonos in the fourth quarter valued at $30,000. Finally, Mountain Hill Investment Partners Corp. acquired a new stake in Sonos in the fourth quarter valued at $31,000. 85.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Sonos Trading Down 2.7%

Sonos stock opened at $9.69 on Monday. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -17.00 and a beta of 2.06. The firm’s fifty day moving average price is $9.68 and its two-hundred day moving average price is $12.34. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $16.34.

Sonos declared that its Board of Directors has authorized a share buyback program 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 programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Sonos

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

Sonos 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.