Baird Financial Group Inc. Invests $1.23 Million in Sonos, Inc. (NASDAQ:SONO)

Baird Financial Group Inc. acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 81,680 shares of the company’s stock, valued at approximately $1,228,000. Baird Financial Group Inc. owned about 0.07% of Sonos as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SONO. Jefferies Financial Group lowered their price objective on shares of Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Rosenblatt Securities lowered their price objective on shares of Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th.

Sonos Price Performance

Shares of NASDAQ SONO opened at $11.24 on Wednesday. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $17.65. The company’s 50-day moving average is $9.90 and its 200 day moving average is $12.50. The stock has a market capitalization of $1.34 billion, a P/E ratio of -19.72 and a beta of 2.06.

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

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 147,157 shares of Sonos stock in a transaction that occurred on Thursday, April 3rd. The shares were bought at an average price of $9.17 per share, for a total transaction of $1,349,429.69. Following the completion of the transaction, the insider now directly owns 12,055,582 shares of the company’s stock, valued at $110,549,686.94. This represents a 1.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is 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.