Sonos, Inc. (NASDAQ:SONO) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. reduced its position in shares of Sonos, Inc. (NASDAQ:SONO) by 10.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,457,881 shares of the company’s stock after selling 176,950 shares during the period. Franklin Resources Inc.’s holdings in Sonos were worth $21,927,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

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

Sonos Price Performance

NASDAQ SONO opened at $8.60 on Monday. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of -15.09 and a beta of 2.01. Sonos, Inc. has a 12 month low of $7.95 and a 12 month high of $18.48. The company’s fifty day moving average price is $12.48 and its two-hundred day moving average price is $13.19.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, beating 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%. As a group, analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos declared that its Board of Directors has initiated a stock buyback program on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.