Sonos, Inc. (NASDAQ:SONO) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC trimmed its holdings in Sonos, Inc. (NASDAQ:SONO) by 12.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 380,084 shares of the company’s stock after selling 53,234 shares during the quarter. NewEdge Wealth LLC owned approximately 0.32% of Sonos worth $5,716,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SONO. Creative Planning increased its holdings in shares of Sonos by 16.3% in the 3rd quarter. Creative Planning now owns 29,488 shares of the company’s stock valued at $362,000 after acquiring an additional 4,135 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Sonos by 927.0% in the 3rd quarter. International Assets Investment Management LLC now owns 7,497 shares of the company’s stock valued at $92,000 after acquiring an additional 6,767 shares during the period. New York State Teachers Retirement System increased its holdings in shares of Sonos by 37.7% in the 3rd quarter. New York State Teachers Retirement System now owns 42,859 shares of the company’s stock valued at $527,000 after acquiring an additional 11,735 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in shares of Sonos by 67.9% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock valued at $20,352,000 after acquiring an additional 669,658 shares during the period. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Sonos by 3.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 39,381 shares of the company’s stock valued at $484,000 after acquiring an additional 1,267 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $13.22 on Friday. The firm has a market capitalization of $1.57 billion, a P/E ratio of -23.19 and a beta of 1.97. Sonos, Inc. has a one year low of $10.23 and a one year high of $19.76. The company’s fifty day moving average is $14.04 and its two-hundred day moving average is $13.20.

Sonos (NASDAQ:SONO) last issued its earnings results on Thursday, February 6th. The company reported $0.40 EPS 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%. On average, sell-side analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos announced that its board has approved a stock repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective 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.