Occudo Quantitative Strategies LP Purchases New Stake in Sonos, Inc. (NASDAQ:SONO)

Occudo Quantitative Strategies LP purchased a new stake in shares of Sonos, Inc. (NASDAQ:SONO) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,053 shares of the company’s stock, valued at approximately $196,000.

Several other institutional investors also recently added to or reduced their stakes in SONO. SBI Securities Co. Ltd. bought a new position in Sonos during the fourth quarter valued at about $30,000. Mountain Hill Investment Partners Corp. bought a new position in Sonos during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC boosted its position 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 purchasing an additional 1,721 shares during the period. Headlands Technologies LLC bought a new position in Sonos during the fourth quarter worth about $84,000. Finally, KBC Group NV boosted its position in Sonos by 52.6% during the fourth quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $111,000 after purchasing an additional 2,551 shares during the period. Institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

SONO has been the subject of a number of research reports. Jefferies Financial Group cut their target price 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. Rosenblatt Securities lowered their price target on shares of Sonos from $18.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 8th.

Sonos Price Performance

Shares of SONO opened at $10.89 on Friday. The firm’s 50 day simple moving average is $9.82 and its 200 day simple moving average is $12.46. The company has a market capitalization of $1.31 billion, a P/E ratio of -19.11 and a beta of 2.06. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $16.96.

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

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were acquired at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the purchase, the insider now directly owns 12,055,582 shares of the company’s stock, valued at $110,549,686.94. This trade represents a 1.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.80% of the stock is currently owned by insiders.

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.