Point72 Asset Management L.P. Makes New Investment in Sonos, Inc. (NASDAQ:SONO)

Point72 Asset Management L.P. purchased a new stake in Sonos, Inc. (NASDAQ:SONO) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 868,130 shares of the company’s stock, valued at approximately $13,057,000.

Several other institutional investors also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in Sonos during the fourth quarter worth about $30,000. Mountain Hill Investment Partners Corp. bought a new position in shares of Sonos during the 4th quarter worth approximately $31,000. Smartleaf Asset Management LLC increased its holdings in shares of Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after acquiring an additional 1,721 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Sonos during the 4th quarter worth approximately $84,000. Finally, KBC Group NV raised its stake in Sonos by 52.6% in the 4th quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $111,000 after acquiring an additional 2,551 shares during the period. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Trading Up 0.6%

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

Sonos declared that its Board of Directors has approved a stock buyback program on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the company’s stock in a transaction on Monday, April 7th. The stock was acquired at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the purchase, the insider now directly owns 12,118,088 shares of the company’s stock, valued at $101,549,577.44. This trade represents a 0.52% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on SONO shares. Rosenblatt Securities cut their price target on Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Jefferies Financial Group reduced their target price on shares of Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a report 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.