Voya Investment Management LLC Reduces Position in Sonos, Inc. (NASDAQ:SONO)

Voya Investment Management LLC lowered its stake in Sonos, Inc. (NASDAQ:SONO) by 9.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 270,542 shares of the company’s stock after selling 29,712 shares during the period. Voya Investment Management LLC owned 0.22% of Sonos worth $4,069,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Wellington Management Group LLP raised its stake in Sonos by 10.6% in the 4th quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company’s stock worth $54,957,000 after acquiring an additional 351,057 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Sonos by 0.7% in the fourth quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company’s stock worth $45,591,000 after purchasing an additional 21,126 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Sonos by 5.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company’s stock worth $40,413,000 after purchasing an additional 148,608 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company’s stock valued at $25,544,000 after buying an additional 119,595 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in Sonos by 0.9% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,671,113 shares of the company’s stock worth $25,134,000 after buying an additional 15,171 shares during the period. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average price of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the purchase, the insider now directly owns 12,055,582 shares of the company’s stock, valued at approximately $110,549,686.94. This trade represents a 1.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on SONO shares. Jefferies Financial Group dropped their price objective on shares of Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Rosenblatt Securities reiterated a “buy” rating and set a $18.00 price objective on shares of Sonos in a research note on Friday, February 7th.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $9.38 on Friday. The company has a market capitalization of $1.12 billion, a PE ratio of -16.46 and a beta of 2.01. The company’s fifty day moving average price is $10.42 and its 200 day moving average price is $12.65. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $18.02.

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

Sonos declared that its Board of Directors has authorized a share repurchase plan on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 10.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Sonos 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.