Sonos, Inc. (NASDAQ:SONO) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in Sonos, Inc. (NASDAQ:SONO) by 3.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 593,671 shares of the company’s stock after buying an additional 20,397 shares during the period. Principal Financial Group Inc. owned 0.49% of Sonos worth $8,929,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SONO. Harbor Capital Advisors Inc. increased its stake in Sonos by 3.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 39,381 shares of the company’s stock valued at $484,000 after buying an additional 1,267 shares during the period. GAMMA Investing LLC increased its stake in shares of Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after acquiring an additional 1,352 shares during the period. SG Americas Securities LLC raised its holdings in Sonos by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock worth $614,000 after purchasing an additional 1,644 shares in the last quarter. KBC Group NV raised its holdings in Sonos by 52.5% during the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock worth $60,000 after purchasing an additional 1,670 shares in the last quarter. Finally, Gladius Capital Management LP acquired a new stake in Sonos in the third quarter worth approximately $30,000. 85.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Sonos Stock Performance

NASDAQ:SONO opened at $13.22 on Friday. The company has a 50-day moving average of $14.01 and a 200-day moving average of $13.21. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of -23.19 and a beta of 1.97. Sonos, Inc. has a twelve month low of $10.23 and a twelve month high of $19.76.

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

Sonos declared that its Board of Directors has initiated a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership 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.