New York State Teachers Retirement System Sells 14,535 Shares of Sonos, Inc. (NASDAQ:SONO)

New York State Teachers Retirement System trimmed its position in Sonos, Inc. (NASDAQ:SONO) by 33.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 28,324 shares of the company’s stock after selling 14,535 shares during the period. New York State Teachers Retirement System’s holdings in Sonos were worth $426,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of SONO. Gladius Capital Management LP bought a new position in shares of Sonos in the 3rd quarter valued at $30,000. KBC Group NV raised its position in Sonos by 52.5% during the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock worth $60,000 after purchasing an additional 1,670 shares during the last quarter. GAMMA Investing LLC raised its position in Sonos by 50.1% during the 4th 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. International Assets Investment Management LLC raised its position in Sonos by 927.0% during the 3rd quarter. International Assets Investment Management LLC now owns 7,497 shares of the company’s stock worth $92,000 after purchasing an additional 6,767 shares during the last quarter. Finally, Hohimer Wealth Management LLC bought a new position in Sonos during the 3rd quarter worth $148,000. 85.82% of the stock is currently owned by institutional investors.

Sonos Stock Up 4.9 %

Shares of NASDAQ:SONO opened at $12.51 on Tuesday. The firm has a market cap of $1.49 billion, a P/E ratio of -21.95 and a beta of 1.97. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76. The business has a fifty day simple moving average of $14.09 and a 200 day simple moving average of $13.19.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. As a group, equities research analysts expect that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos announced that its Board of Directors has authorized a share buyback program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 target price on shares of Sonos in a research 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.