Sonos (NASDAQ:SONO) Board of Directors Initiates Stock Repurchase Program

Sonos (NASDAQ:SONO) announced that its board has authorized a share repurchase program on Monday, February 24th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 10.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Sonos Trading Up 4.9 %

SONO stock traded up $0.58 during trading on Monday, reaching $12.51. 1,918,762 shares of the stock were exchanged, compared to its average volume of 2,215,162. The company has a market capitalization of $1.49 billion, a P/E ratio of -21.95 and a beta of 1.97. Sonos has a twelve month low of $10.23 and a twelve month high of $19.76. The stock has a 50 day simple moving average of $14.09 and a 200-day simple moving average of $13.19.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. Equities analysts predict that Sonos will post -0.37 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.