Jefferies Financial Group Inc. Increases Holdings in Sonos, Inc. (NASDAQ:SONO)

Jefferies Financial Group Inc. lifted its position in shares of Sonos, Inc. (NASDAQ:SONO) by 57.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,011 shares of the company’s stock after buying an additional 5,838 shares during the period. Jefferies Financial Group Inc.’s holdings in Sonos were worth $241,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in shares of Sonos during the 4th quarter valued at about $30,000. Mountain Hill Investment Partners Corp. purchased a new position in shares of Sonos during the 4th quarter valued at about $31,000. Smartleaf Asset Management LLC raised its holdings in shares of Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after buying an additional 1,721 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Sonos during the 4th quarter valued at about $84,000. Finally, KBC Group NV raised its holdings in shares of Sonos by 52.6% during the 4th quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $111,000 after buying an additional 2,551 shares in the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Price Performance

Shares of Sonos stock opened at $10.89 on Friday. The business’s 50 day simple moving average is $9.82 and its two-hundred day simple moving average is $12.46. The stock has a market capitalization of $1.31 billion, a P/E ratio of -19.11 and a beta of 2.06. Sonos, Inc. has a one year low of $7.63 and a one year high of $16.96.

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

Insider Activity

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of Sonos stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the purchase, the insider now 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SONO. Jefferies Financial Group decreased their price objective on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Rosenblatt Securities decreased their price target on Sonos from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th.

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.