Point72 Asia Singapore Pte. Ltd. Makes New $103,000 Investment in Sonos, Inc. (NASDAQ:SONO)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in Sonos, Inc. (NASDAQ:SONO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,825 shares of the company’s stock, valued at approximately $103,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Coliseum Capital Management LLC lifted its position in shares of Sonos by 50.3% in the fourth quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company’s stock valued at $161,440,000 after acquiring an additional 3,590,782 shares in the last quarter. Wellington Management Group LLP increased its stake in Sonos by 10.6% in the fourth 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 stake in Sonos by 14.7% in 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 during the last quarter. Schroder Investment Management Group increased its stake in Sonos by 0.7% in 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Sonos by 5.9% in the fourth 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. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Price Performance

Shares of NASDAQ:SONO opened at $10.89 on Friday. The firm has a market capitalization of $1.31 billion, a PE ratio of -19.11 and a beta of 2.06. The business has a 50-day moving average of $9.82 and a two-hundred day moving average of $12.46. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $16.96.

Sonos announced that its board has initiated a share repurchase plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the company’s stock in a transaction on Monday, April 7th. The stock was bought at an average cost of $8.38 per share, for a total transaction 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. The trade was a 0.52% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SONO shares. Rosenblatt Securities dropped their target price on Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a “buy” rating for the company 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.