Sonos, Inc. (NASDAQ:SONO) Shares Sold by PDT Partners LLC

PDT Partners LLC lessened its position in shares of Sonos, Inc. (NASDAQ:SONO) by 47.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 145,510 shares of the company’s stock after selling 131,944 shares during the quarter. PDT Partners LLC’s holdings in Sonos were worth $2,188,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Sonos by 10.6% during the fourth 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 last quarter. Schroder Investment Management Group grew 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 buying an additional 21,126 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Sonos by 5.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company’s stock worth $40,413,000 after acquiring an additional 148,608 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company’s stock worth $25,544,000 after acquiring 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 acquiring an additional 15,171 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

Insider Activity

In other news, major shareholder Coliseum Capital Management, L bought 62,506 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was acquired at an average price of $8.38 per share, with a total value of $523,800.28. Following the completion of the purchase, the insider now directly owns 12,118,088 shares of the company’s stock, valued at $101,549,577.44. This represents a 0.52 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Sonos Trading Up 3.1 %

Shares of NASDAQ:SONO opened at $9.45 on Wednesday. The firm’s 50 day moving average is $10.53 and its two-hundred day moving average is $12.70. The firm has a market capitalization of $1.13 billion, a P/E ratio of -16.58 and a beta of 2.01. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $18.02.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. Analysts predict that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos announced that its Board of Directors has authorized a share buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Jefferies Financial Group cut their price target on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Sonos in a research note on Friday, February 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.