Sonos, Inc. (NASDAQ:SONO) is Caden Capital Partners LP’s 10th Largest Position

Caden Capital Partners LP cut its holdings in Sonos, Inc. (NASDAQ:SONO) by 53.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 215,000 shares of the company’s stock after selling 245,055 shares during the quarter. Sonos comprises 1.0% of Caden Capital Partners LP’s holdings, making the stock its 10th largest position. Caden Capital Partners LP’s holdings in Sonos were worth $3,234,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SONO. Barclays PLC raised its stake in Sonos by 120.3% in the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after buying an additional 504,293 shares during the last quarter. GAMMA Investing LLC raised its stake in Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after buying an additional 1,352 shares during the last quarter. Diversified Trust Co raised its stake in Sonos by 10.6% in the fourth quarter. Diversified Trust Co now owns 45,607 shares of the company’s stock valued at $686,000 after buying an additional 4,363 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in Sonos by 5.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 41,701 shares of the company’s stock valued at $627,000 after buying an additional 2,320 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Sonos by 7,557.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock valued at $2,347,000 after buying an additional 154,011 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Sonos Stock Up 0.8 %

Sonos stock opened at $9.22 on Monday. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $18.02. The company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -16.18 and a beta of 2.01. The stock has a 50-day moving average price of $10.65 and a 200 day moving average price of $12.74.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. Research analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos declared that its board has initiated a stock buyback plan on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group decreased their target price on Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a report on Monday, April 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 target price on shares of Sonos in a report on Friday, February 7th.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average price of $9.17 per share, for a total transaction of $1,349,429.69. Following the transaction, the insider now directly owns 12,055,582 shares of the company’s stock, valued at approximately $110,549,686.94. This represents a 1.24 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.80% of the stock is currently owned by corporate insiders.

Sonos Company 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.