Rhumbline Advisers Sells 13,121 Shares of Sonos, Inc. (NASDAQ:SONO)

Rhumbline Advisers lessened its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 346,257 shares of the company’s stock after selling 13,121 shares during the quarter. Rhumbline Advisers owned about 0.29% of Sonos worth $3,695,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Coliseum Capital Management LLC increased its position in shares of Sonos by 50.3% during the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company’s stock valued at $161,440,000 after purchasing an additional 3,590,782 shares during the last quarter. Wellington Management Group LLP increased its position 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 purchasing an additional 351,057 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Sonos by 14.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company’s stock valued at $47,940,000 after purchasing an additional 408,479 shares during the last quarter. Schroder Investment Management Group increased its position 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 valued at $45,591,000 after purchasing an additional 21,126 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position 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 valued at $40,413,000 after purchasing an additional 148,608 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

SONO has been the topic of several analyst reports. Jefferies Financial Group cut their target price on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities cut their target price on Sonos from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th.

Sonos Trading Down 2.5%

Shares of SONO stock opened at $9.92 on Friday. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89. The stock has a fifty day simple moving average of $9.57 and a two-hundred day simple moving average of $12.00. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -17.40 and a beta of 2.07.

Sonos declared that its board has approved a stock buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction dated Monday, April 7th. The stock was purchased at an average cost of $8.38 per share, with a total value of $523,800.28. Following the transaction, the insider now owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. The trade was a 0.52% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is 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.