Baird Financial Group Inc. Makes New Investment in Sonos, Inc. (NASDAQ:SONO)

Baird Financial Group Inc. acquired a new position in Sonos, Inc. (NASDAQ:SONO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 81,680 shares of the company’s stock, valued at approximately $1,228,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Ameriprise Financial Inc. grew its holdings in Sonos by 10.9% in the fourth quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company’s stock worth $9,855,000 after purchasing an additional 64,241 shares during the period. Freestone Grove Partners LP purchased a new stake in Sonos in the fourth quarter worth about $18,125,000. Northern Trust Corp grew its holdings in Sonos by 9.0% in the fourth quarter. Northern Trust Corp now owns 1,317,712 shares of the company’s stock worth $19,818,000 after purchasing an additional 109,269 shares during the period. Tudor Investment Corp ET AL purchased a new stake in Sonos in the fourth quarter worth about $406,000. Finally, Aquatic Capital Management LLC grew its holdings in Sonos by 71.0% in the fourth quarter. Aquatic Capital Management LLC now owns 23,422 shares of the company’s stock worth $352,000 after purchasing an additional 9,722 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the stock in a transaction that occurred on Monday, April 7th. The shares were bought at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the transaction, the insider now directly owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. This trade represents a 0.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by insiders.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $11.24 on Wednesday. The firm’s 50 day moving average price is $9.90 and its 200-day moving average price is $12.50. The company has a market cap of $1.34 billion, a PE ratio of -19.72 and a beta of 2.06. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $17.65.

Sonos declared that its Board of Directors has authorized a share 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 buy up to 10.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership 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.