Smartleaf Asset Management LLC Acquires 1,721 Shares of Sonos, Inc. (NASDAQ:SONO)

Smartleaf Asset Management LLC grew its stake in Sonos, Inc. (NASDAQ:SONO) by 191.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,621 shares of the company’s stock after acquiring an additional 1,721 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Sonos were worth $39,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE lifted its position in Sonos by 5.2% during the fourth quarter. US Bancorp DE now owns 43,722 shares of the company’s stock valued at $658,000 after acquiring an additional 2,153 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Sonos by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 593,671 shares of the company’s stock worth $8,929,000 after purchasing an additional 20,397 shares in the last quarter. White Pine Capital LLC purchased a new position in Sonos during the 4th quarter worth $393,000. Entropy Technologies LP acquired a new position in Sonos during the 4th quarter valued at about $177,000. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its stake 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 valued at $25,134,000 after buying an additional 15,171 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Sonos in a research report on Friday, February 7th.

Sonos Price Performance

Shares of SONO stock opened at $11.71 on Wednesday. The business has a fifty day moving average of $13.70 and a 200 day moving average of $13.30. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.76. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -20.54 and a beta of 1.98.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate 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 earnings per share for the current year.

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

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.