Sonos, Inc. (NASDAQ:SONO) Shares Sold by Comerica Bank

Comerica Bank lowered its holdings in Sonos, Inc. (NASDAQ:SONO) by 2.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 49,327 shares of the company’s stock after selling 1,283 shares during the period. Comerica Bank’s holdings in Sonos were worth $742,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Barclays PLC boosted its position in Sonos by 120.3% during 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. Wellington Management Group LLP lifted its stake in Sonos by 10.6% in the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company’s stock valued at $54,957,000 after buying an additional 351,057 shares during the last quarter. Norges Bank acquired a new position in shares of Sonos during the fourth quarter valued at $4,322,000. Arrowstreet Capital Limited Partnership grew its position in shares of Sonos by 192.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 370,100 shares of the company’s stock worth $5,566,000 after acquiring an additional 243,759 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its position in shares of Sonos by 7,557.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company’s stock worth $2,347,000 after acquiring an additional 154,011 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sonos

In other news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was acquired 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 directly owns 12,055,582 shares in the company, valued at $110,549,686.94. This represents a 1.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on SONO. Rosenblatt Securities reduced their target price on shares of Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group cut their price target 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

Shares of NASDAQ:SONO opened at $11.24 on Wednesday. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of -19.72 and a beta of 2.06. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $17.65. The stock’s 50 day moving average price is $9.90 and its 200 day moving average price is $12.50.

Sonos announced that its board has approved a share repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.