JPMorgan Chase & Co. Reduces Position in Sonos, Inc. (NASDAQ:SONO)

JPMorgan Chase & Co. trimmed its position in Sonos, Inc. (NASDAQ:SONO) by 6.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,186,328 shares of the company’s stock after selling 293,913 shares during the quarter. JPMorgan Chase & Co.’s holdings in Sonos were worth $62,962,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wellington Management Group LLP raised its stake in Sonos by 23.4% in the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after buying an additional 626,172 shares in the last quarter. Barclays PLC raised its position in shares of Sonos by 120.3% during the 3rd quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after acquiring an additional 504,293 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Sonos by 7,557.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock worth $2,347,000 after purchasing an additional 154,011 shares during the last quarter. Systematic Financial Management LP raised its stake in Sonos by 19.0% during the 3rd quarter. Systematic Financial Management LP now owns 910,354 shares of the company’s stock worth $11,188,000 after acquiring an additional 145,091 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company’s stock valued at $25,544,000 after acquiring an additional 119,595 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Stock Down 3.4 %

Shares of SONO stock opened at $8.60 on Friday. The stock’s 50-day moving average price is $12.48 and its 200 day moving average price is $13.18. The stock has a market capitalization of $1.02 billion, a PE ratio of -15.09 and a beta of 1.98. Sonos, Inc. has a 52-week low of $7.95 and a 52-week high of $18.69.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. Analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos announced that its Board of Directors has authorized 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 reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

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.