Northern Trust Corp Buys 109,269 Shares of Sonos, Inc. (NASDAQ:SONO)

Northern Trust Corp increased its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 9.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,317,712 shares of the company’s stock after acquiring an additional 109,269 shares during the quarter. Northern Trust Corp’s holdings in Sonos were worth $19,818,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of SONO. NBW Capital LLC lifted its position in Sonos by 42.6% during the fourth quarter. NBW Capital LLC now owns 256,134 shares of the company’s stock worth $3,852,000 after acquiring an additional 76,454 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Sonos during the 4th quarter worth approximately $403,000. Barclays PLC boosted its stake in Sonos by 120.3% in the 3rd quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after purchasing an additional 504,293 shares during the period. Nisa Investment Advisors LLC boosted its stake in 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. Finally, Norges Bank acquired a new position in Sonos in the 4th quarter valued at $4,322,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a report on Monday, April 7th. Rosenblatt Securities lowered their price target on shares of Sonos from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th.

Sonos Trading Down 0.1%

Shares of SONO stock opened at $11.24 on Wednesday. The stock has a 50 day simple moving average of $9.90 and a 200 day simple moving average of $12.50. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $17.65. The stock has a market cap of $1.34 billion, a P/E ratio of -19.72 and a beta of 2.06.

Sonos announced that its board has authorized a stock buyback program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The shares were bought at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the transaction, the insider now owns 12,118,088 shares of the company’s stock, valued at approximately $101,549,577.44. This trade represents a 0.52% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.80% of the company’s stock.

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.