61,640 Shares in Sonos, Inc. (NASDAQ:SONO) Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC acquired a new stake in Sonos, Inc. (NASDAQ:SONO) during the 4th quarter, HoldingsChannel reports. The firm acquired 61,640 shares of the company’s stock, valued at approximately $927,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new position in shares of Sonos in the fourth quarter worth $30,000. Mountain Hill Investment Partners Corp. purchased a new position in Sonos in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC grew its stake in Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after purchasing an additional 1,721 shares in the last quarter. Headlands Technologies LLC acquired a new position in Sonos in the 4th quarter worth about $84,000. Finally, KBC Group NV raised its stake in shares of 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 purchasing an additional 2,551 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on SONO. Jefferies Financial Group lowered their price target on Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Rosenblatt Securities decreased their target price on shares of Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, May 8th.

Sonos Trading Down 1.3%

SONO opened at $10.48 on Wednesday. The stock’s 50 day simple moving average is $9.78 and its 200-day simple moving average is $12.43. The stock has a market cap of $1.26 billion, a PE ratio of -18.39 and a beta of 2.06. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $16.62.

Sonos declared that its board has initiated a stock repurchase plan on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 10.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Sonos news, major shareholder Coliseum Capital Management, L bought 147,157 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were bought at an average price of $9.17 per share, for a total transaction of $1,349,429.69. Following the completion of the acquisition, the insider now owns 12,055,582 shares of the company’s stock, valued at approximately $110,549,686.94. This trade represents a 1.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

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.