Raymond James Financial Inc. Invests $1.68 Million in Sonos, Inc. (NASDAQ:SONO)

Raymond James Financial Inc. acquired a new stake in Sonos, Inc. (NASDAQ:SONO) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 111,410 shares of the company’s stock, valued at approximately $1,676,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its stake in Sonos by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,578,776 shares of the company’s stock valued at $19,403,000 after purchasing an additional 12,719 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of Sonos by 73.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 129,567 shares of the company’s stock valued at $1,592,000 after buying an additional 54,972 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Sonos in the 3rd quarter valued at $162,000. Edgestream Partners L.P. acquired a new stake in Sonos during the 3rd quarter worth $381,000. Finally, Holocene Advisors LP bought a new position in Sonos during the third quarter worth about $1,416,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

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

Sonos Stock Performance

NASDAQ:SONO opened at $10.67 on Tuesday. The stock has a 50-day simple moving average of $12.83 and a 200 day simple moving average of $13.26. Sonos, Inc. has a 52-week low of $10.23 and a 52-week high of $19.33. The company has a market cap of $1.27 billion, a PE ratio of -18.72 and a beta of 1.98.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating 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%. On average, research analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

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

Sonos Company 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.