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

Jefferies Financial Group Inc. increased its position in Sonos, Inc. (NASDAQ:SONO) by 57.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 16,011 shares of the company’s stock after purchasing 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 hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new stake in Sonos in the fourth quarter worth $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in Sonos in the fourth quarter worth $31,000. Smartleaf Asset Management LLC grew its stake in Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after purchasing an additional 1,721 shares during the period. Headlands Technologies LLC purchased a new stake in Sonos in the fourth quarter worth $84,000. Finally, KBC Group NV grew its stake in Sonos by 52.6% in the fourth quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $111,000 after purchasing an additional 2,551 shares during the period. 85.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SONO. Jefferies Financial Group reduced their price target on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Rosenblatt Securities reduced 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 Trading Up 0.6%

Sonos stock opened at $10.89 on Friday. The business’s fifty day simple moving average is $9.82 and its two-hundred day simple moving average is $12.46. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $16.96. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -19.11 and a beta of 2.06.

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

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the stock in a transaction dated Monday, April 7th. The shares were purchased at an average cost of $8.38 per share, with a total value of $523,800.28. Following the completion of the acquisition, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. This trade represents a 0.52% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate 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.