Sonos (NASDAQ:SONO) to Buyback $150.00 million in Shares

Sonos (NASDAQ:SONO) announced that its board has authorized a share repurchase program on Monday, February 24th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 10.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Sonos Trading Up 4.9 %

Shares of SONO opened at $12.51 on Tuesday. The firm has a market cap of $1.49 billion, a PE ratio of -21.95 and a beta of 1.97. The company’s 50 day simple moving average is $14.09 and its 200-day simple moving average is $13.19. Sonos has a 12-month low of $10.23 and a 12-month high of $19.76.

Sonos (NASDAQ:SONO) last announced its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. As a group, equities research analysts forecast that Sonos will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Rosenblatt Securities reissued a “buy” rating and set a $18.00 price objective on shares of Sonos in a report on Friday, February 7th.

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.