GAMMA Investing LLC Buys 28,752 Shares of Sonos, Inc. (NASDAQ:SONO)

GAMMA Investing LLC increased its position in Sonos, Inc. (NASDAQ:SONO) by 710.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,800 shares of the company’s stock after purchasing an additional 28,752 shares during the quarter. GAMMA Investing LLC’s holdings in Sonos were worth $350,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Coliseum Capital Management LLC grew its holdings in Sonos by 50.3% during the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company’s stock worth $161,440,000 after acquiring an additional 3,590,782 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Sonos by 10.6% in the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company’s stock worth $54,957,000 after purchasing an additional 351,057 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Sonos by 14.7% during the fourth 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 in the last quarter. Schroder Investment Management Group boosted its stake in shares of 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 in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings 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 buying an additional 148,608 shares during the period. Institutional investors own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the business’s stock in a transaction dated Monday, April 7th. The shares were purchased at an average price 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. The trade was a 0.52% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders acquired 861,251 shares of company stock worth $8,454,123. Insiders own 1.80% of the company’s stock.

Sonos Stock Down 0.2%

Shares of Sonos stock opened at $9.91 on Friday. The company has a market cap of $1.19 billion, a P/E ratio of -16.80 and a beta of 2.06. The firm’s 50 day moving average price is $9.73 and its 200-day moving average price is $11.88. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89.

Sonos declared that its Board of Directors has initiated a share buyback plan 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 stock through open market purchases. Stock buyback plans are generally 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.