Sonos (NASDAQ:SONO) Given New $15.00 Price Target at Rosenblatt Securities

Sonos (NASDAQ:SONO) had its price target reduced by investment analysts at Rosenblatt Securities from $18.00 to $15.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 43.82% from the company’s current price.

Separately, Jefferies Financial Group dropped their price objective on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 7th.

Sonos Price Performance

NASDAQ:SONO opened at $10.43 on Thursday. The stock’s 50-day moving average is $9.97 and its two-hundred day moving average is $12.52. The stock has a market cap of $1.24 billion, a PE ratio of -18.30 and a beta of 2.06. Sonos has a fifty-two week low of $7.63 and a fifty-two week high of $17.65.

Sonos (NASDAQ:SONO) last released 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 return on equity of 13.17% and a negative net margin of 4.73%. On average, equities research analysts anticipate that Sonos will post -0.37 earnings per share for the current year.

Sonos announced that its board has initiated a stock repurchase program on Monday, February 24th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, major shareholder Coliseum Capital Management, L bought 62,506 shares of the company’s stock in a transaction that occurred on Monday, April 7th. The shares were purchased at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the acquisition, the insider now directly owns 12,118,088 shares of the company’s stock, valued at $101,549,577.44. The trade was a 0.52 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sonos

A number of institutional investors have recently made changes to their positions in SONO. Barclays PLC grew its position in Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after buying an additional 504,293 shares in the last quarter. GAMMA Investing LLC raised its position in Sonos by 50.1% in 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. Diversified Trust Co lifted its stake in Sonos by 10.6% during the fourth quarter. Diversified Trust Co now owns 45,607 shares of the company’s stock worth $686,000 after purchasing an additional 4,363 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in Sonos by 5.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 41,701 shares of the company’s stock valued at $627,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of Sonos by 7,557.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock valued at $2,347,000 after purchasing an additional 154,011 shares during the period. 85.82% of the stock is currently owned by institutional investors.

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.