Corebridge Financial Inc. Decreases Stake in Sonos, Inc. (NASDAQ:SONO)

Corebridge Financial Inc. lowered its holdings in Sonos, Inc. (NASDAQ:SONO) by 9.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 64,166 shares of the company’s stock after selling 6,490 shares during the quarter. Corebridge Financial Inc.’s holdings in Sonos were worth $965,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in Sonos during the 4th quarter valued at about $30,000. Mountain Hill Investment Partners Corp. bought a new position in Sonos in the 4th quarter worth about $31,000. Smartleaf Asset Management LLC raised its holdings in shares of Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after acquiring an additional 1,721 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after acquiring an additional 1,352 shares during the last quarter. Finally, KBC Group NV grew its stake in Sonos by 52.6% in the 4th quarter. KBC Group NV now owns 7,403 shares of the company’s stock worth $111,000 after buying an additional 2,551 shares in the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Sonos Stock Down 3.4 %

Shares of SONO opened at $8.60 on Friday. The stock has a market capitalization of $1.02 billion, a P/E ratio of -15.09 and a beta of 1.98. Sonos, Inc. has a twelve month low of $7.95 and a twelve month high of $18.48. The firm has a fifty day simple moving average of $12.48 and a two-hundred day simple moving average of $13.19.

Sonos (NASDAQ:SONO) last announced its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share 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%. Sell-side analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

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

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.