Point72 Asset Management L.P. Invests $13.06 Million in Sonos, Inc. (NASDAQ:SONO)

Point72 Asset Management L.P. purchased a new stake in Sonos, Inc. (NASDAQ:SONO) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 868,130 shares of the company’s stock, valued at approximately $13,057,000. Point72 Asset Management L.P. owned about 0.72% of Sonos at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. ProShare Advisors LLC grew its holdings in Sonos by 41.5% during the fourth quarter. ProShare Advisors LLC now owns 36,318 shares of the company’s stock valued at $546,000 after purchasing an additional 10,649 shares during the period. Occudo Quantitative Strategies LP acquired a new position in shares of Sonos in the 4th quarter valued at $196,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Sonos in the 4th quarter valued at $978,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonos by 1.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company’s stock valued at $1,030,000 after buying an additional 1,033 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Sonos during the 4th quarter worth $927,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Trading Up 0.6%

SONO opened at $10.89 on Monday. 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 12 month low of $7.63 and a 12 month high of $16.96. The firm’s fifty day simple moving average is $9.82 and its 200 day simple moving average is $12.46.

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

Analysts Set New Price Targets

A number of research firms have issued reports on SONO. Rosenblatt Securities decreased their target price 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 cut 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.

Insider Buying and Selling at Sonos

In other news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction on Monday, April 7th. The stock was purchased at an average price of $8.38 per share, with a total value of $523,800.28. Following the transaction, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. The trade was a 0.52% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 1.80% of the company’s stock.

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.