Vanguard Group Inc. Sells 542,725 Shares of Sonos, Inc. (NASDAQ:SONO)

Vanguard Group Inc. lowered its holdings in Sonos, Inc. (NASDAQ:SONO) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,117,941 shares of the company’s stock after selling 542,725 shares during the period. Vanguard Group Inc. owned approximately 11.71% of Sonos worth $212,334,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Sonos by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,578,776 shares of the company’s stock worth $19,403,000 after purchasing an additional 12,719 shares during the period. BNP Paribas Financial Markets boosted its position in Sonos by 73.7% during the third quarter. BNP Paribas Financial Markets now owns 129,567 shares of the company’s stock valued at $1,592,000 after buying an additional 54,972 shares during the period. Edgestream Partners L.P. purchased a new position in Sonos in the 3rd quarter worth approximately $381,000. Holocene Advisors LP purchased a new position in shares of Sonos in the third quarter worth $1,416,000. Finally, Wellington Management Group LLP increased its position in shares of Sonos by 23.4% in 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. 85.82% of the stock is owned by institutional investors.

Sonos Trading Down 3.4 %

Shares of SONO stock opened at $8.60 on Friday. Sonos, Inc. has a 12 month low of $7.95 and a 12 month high of $18.48. The company’s fifty day moving average price is $12.48 and its 200-day moving average price is $13.19. The stock has a market cap of $1.02 billion, a PE ratio of -15.09 and a beta of 1.98.

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 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%. On average, sell-side analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos declared that its Board of Directors 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 reacquire up to 10.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

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