Bank of New York Mellon Corp Sells 33,464 Shares of Sonos, Inc. (NASDAQ:SONO)

Bank of New York Mellon Corp cut its holdings in shares of Sonos, Inc. (NASDAQ:SONO) by 3.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 822,092 shares of the company’s stock after selling 33,464 shares during the period. Bank of New York Mellon Corp owned about 0.68% of Sonos worth $12,364,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of SONO. KBC Group NV lifted its position in shares of 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 buying an additional 1,670 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new position in Sonos during the third quarter worth about $539,000. Gladius Capital Management LP bought a new position in shares of Sonos in the third quarter worth about $30,000. Quest Partners LLC boosted its stake in shares of Sonos by 321.8% in the 3rd quarter. Quest Partners LLC now owns 20,457 shares of the company’s stock valued at $251,000 after purchasing an additional 15,607 shares in the last quarter. Finally, LMR Partners LLP bought a new stake in shares of Sonos during the 3rd quarter valued at approximately $7,412,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sonos Stock Down 0.2 %

Shares of SONO stock opened at $11.69 on Thursday. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76. The stock’s fifty day simple moving average is $13.64 and its 200 day simple moving average is $13.29. The firm has a market capitalization of $1.39 billion, a P/E ratio of -20.51 and a beta of 1.98.

Sonos (NASDAQ:SONO) last released 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 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 fiscal year.

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

Sonos 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.