Focus Partners Wealth Makes New $1.18 Million Investment in Sonos, Inc. (NASDAQ:SONO)

Focus Partners Wealth acquired a new position in Sonos, Inc. (NASDAQ:SONO) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 78,669 shares of the company’s stock, valued at approximately $1,183,000. Focus Partners Wealth owned about 0.07% of Sonos as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. NBW Capital LLC raised its stake in shares of Sonos by 42.6% in the fourth quarter. NBW Capital LLC now owns 256,134 shares of the company’s stock worth $3,852,000 after purchasing an additional 76,454 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Sonos in the fourth quarter worth about $403,000. Barclays PLC raised its stake in shares of Sonos by 120.3% in the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after purchasing an additional 504,293 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Sonos by 7,557.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock worth $2,347,000 after purchasing an additional 154,011 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Sonos in the fourth quarter worth about $4,322,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SONO has been the subject of several research analyst reports. Rosenblatt Securities reduced their price objective on Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group reduced their price objective on Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, April 7th.

Insider Activity at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was acquired at an average cost 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

Sonos Trading Up 0.6%

Shares of SONO stock opened at $10.89 on Friday. The stock has a 50 day moving average of $9.82 and a 200 day moving average of $12.46. The stock has a market cap of $1.31 billion, a P/E ratio of -19.11 and a beta of 2.06. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $16.96.

Sonos announced that its board has approved a share buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are 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.