Sonos, Inc. (NASDAQ:SONO) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. trimmed its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 10.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,457,881 shares of the company’s stock after selling 176,950 shares during the quarter. Franklin Resources Inc. owned about 1.21% of Sonos worth $21,927,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of SONO. GAMMA Investing LLC raised its stake in shares of Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after purchasing an additional 1,352 shares during the last quarter. SG Americas Securities LLC increased its stake in Sonos by 4.2% in the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock valued at $614,000 after buying an additional 1,644 shares during the period. Smartleaf Asset Management LLC raised its position in 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 buying an additional 1,721 shares during the last quarter. Ironwood Investment Management LLC lifted its stake in shares of Sonos by 4.0% in the 4th quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock worth $702,000 after acquiring an additional 1,782 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Sonos in the fourth quarter valued at about $30,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Rosenblatt Securities reissued a “buy” rating and set a $18.00 price target on shares of Sonos in a report on Friday, February 7th.

Sonos Stock Performance

NASDAQ:SONO opened at $8.60 on Monday. Sonos, Inc. has a 1 year low of $7.95 and a 1 year high of $18.48. The stock has a fifty day moving average price of $12.48 and a two-hundred day moving average price of $13.19. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -15.09 and a beta of 2.01.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, analysts predict that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos announced that its board has authorized a share repurchase program on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.