Raymond James Financial Inc. Buys New Holdings in Sonos, Inc. (NASDAQ:SONO)

Raymond James Financial Inc. purchased a new position in shares of Sonos, Inc. (NASDAQ:SONO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 111,410 shares of the company’s stock, valued at approximately $1,676,000. Raymond James Financial Inc. owned approximately 0.09% of Sonos at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Stadium Capital Management LLC acquired a new stake in Sonos in the 3rd quarter valued at $8,105,000. Wellington Management Group LLP lifted its holdings in shares of Sonos by 23.4% during the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after acquiring an additional 626,172 shares during the period. Barclays PLC boosted its stake in shares of Sonos by 120.3% in the 3rd 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. Portolan Capital Management LLC bought a new stake in shares of Sonos in the 3rd quarter worth about $3,255,000. Finally, Nisa Investment Advisors LLC lifted its holdings in Sonos by 7,557.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock valued at $2,347,000 after purchasing an additional 154,011 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

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

Sonos Stock Down 1.0 %

Shares of NASDAQ:SONO opened at $10.67 on Tuesday. The firm has a market cap of $1.27 billion, a P/E ratio of -18.72 and a beta of 1.98. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.33. The company’s 50-day moving average price is $12.83 and its two-hundred day moving average price is $13.26.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share 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%. As a group, equities analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos announced that its board 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 shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is 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.