Sonos (NASDAQ:SONO) Price Target Lowered to $13.00 at Jefferies Financial Group

Sonos (NASDAQ:SONO) had its price target cut by stock analysts at Jefferies Financial Group from $19.00 to $13.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target indicates a potential upside of 59.51% from the stock’s current price.

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

Sonos Trading Down 4.9 %

NASDAQ:SONO opened at $8.15 on Monday. The stock has a market capitalization of $970.53 million, a P/E ratio of -14.30 and a beta of 2.01. Sonos has a 1 year low of $7.95 and a 1 year high of $18.24. The firm has a 50 day moving average of $12.14 and a 200-day moving average of $13.10.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) 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 forecast that Sonos will post -0.37 EPS for the current fiscal year.

Sonos declared that its Board of Directors has approved a share buyback plan on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the stock in a transaction dated Monday, April 7th. The stock was bought at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the transaction, the insider now directly owns 12,118,088 shares in the company, valued at $101,549,577.44. This represents a 0.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Sonos

A number of institutional investors have recently bought and sold shares of the business. NBW Capital LLC grew its stake in shares of 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 purchasing an additional 76,454 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Sonos in the 4th quarter valued at approximately $403,000. Barclays PLC boosted its stake in Sonos by 120.3% during the 3rd quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after acquiring an additional 504,293 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Sonos by 7,557.0% during the fourth 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, Raymond James Financial Inc. acquired a new position in Sonos during the fourth quarter valued at approximately $1,676,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

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.