Sonos, Inc. (NASDAQ:SONO) Shares Sold by Yousif Capital Management LLC

Yousif Capital Management LLC lowered its position in Sonos, Inc. (NASDAQ:SONO) by 3.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,426 shares of the company’s stock after selling 1,784 shares during the quarter. Yousif Capital Management LLC’s holdings in Sonos were worth $474,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SONO. SBI Securities Co. Ltd. acquired a new stake in shares of Sonos in the 4th quarter valued at about $30,000. Mountain Hill Investment Partners Corp. acquired a new stake in shares of Sonos in the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC raised its stake in shares of Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after purchasing an additional 1,721 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Sonos in the 4th quarter valued at about $84,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Sonos in the 4th quarter valued at about $103,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction on Monday, April 7th. The shares were purchased at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the transaction, the insider now directly owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. This represents a 0.52% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 861,251 shares of company stock worth $8,454,123 in the last ninety days. Insiders own 1.80% of the company’s stock.

Sonos Trading Down 0.2%

Sonos stock opened at $9.91 on Friday. The company has a market capitalization of $1.19 billion, a P/E ratio of -16.80 and a beta of 2.06. The firm’s fifty day simple moving average is $9.73 and its 200-day simple moving average is $11.88. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $15.89.

Sonos announced that its board has authorized a share buyback program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

SONO has been the topic of several research reports. Rosenblatt Securities dropped 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. Jefferies Financial Group dropped their price objective on shares of Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, April 7th.

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.