Teacher Retirement System of Texas Trims Stock Position in Sonos, Inc. (NASDAQ:SONO)

Teacher Retirement System of Texas decreased its position in Sonos, Inc. (NASDAQ:SONO) by 60.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,665 shares of the company’s stock after selling 39,301 shares during the period. Teacher Retirement System of Texas’ holdings in Sonos were worth $386,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos in the 4th quarter worth $30,000. Smartleaf Asset Management LLC raised its holdings in shares of Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after acquiring an additional 1,721 shares in the last quarter. GAMMA Investing LLC lifted its stake in Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after acquiring an additional 1,352 shares during the period. KBC Group NV grew its holdings in Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $111,000 after acquiring an additional 2,551 shares in the last quarter. Finally, Hohimer Wealth Management LLC purchased a new position in Sonos during the 3rd quarter valued at about $148,000. Institutional investors own 85.82% of the company’s stock.

Sonos Trading Down 1.0 %

SONO opened at $10.67 on Tuesday. The firm has a market cap of $1.27 billion, a price-to-earnings 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 stock has a fifty day moving average price of $12.83 and a 200-day moving average price of $13.26.

Sonos (NASDAQ:SONO) last announced its earnings results on Thursday, February 6th. The company reported $0.40 EPS for the quarter, topping 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, equities research analysts forecast that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos announced that its board has authorized a share buyback program on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price target 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.