26,800 Shares in Sonos, Inc. (NASDAQ:SONO) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new position in Sonos, Inc. (NASDAQ:SONO) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 26,800 shares of the company’s stock, valued at approximately $403,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP grew its stake in Sonos by 23.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after buying an additional 626,172 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Sonos by 7.6% during the 4th 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. Deroy & Devereaux Private Investment Counsel Inc. grew its position 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 worth $25,134,000 after acquiring an additional 15,171 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Sonos by 9.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 960,187 shares of the company’s stock valued at $14,441,000 after acquiring an additional 82,429 shares during the last quarter. Finally, Barclays PLC raised its position in Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after purchasing an additional 504,293 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Stock Performance

Shares of SONO opened at $8.60 on Friday. Sonos, Inc. has a fifty-two week low of $7.95 and a fifty-two week high of $18.69. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -15.09 and a beta of 1.98. The firm has a 50 day moving average price of $12.48 and a 200-day moving average price of $13.18.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results 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%. As a group, equities research analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current year.

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

Analysts Set New Price Targets

Separately, Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price objective on shares of Sonos in a report 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.