Blueshift Asset Management LLC Invests $180,000 in Sonos, Inc. (NASDAQ:SONO)

Blueshift Asset Management LLC bought a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 11,993 shares of the company’s stock, valued at approximately $180,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in shares of Sonos during the fourth quarter worth approximately $30,000. Smartleaf Asset Management LLC grew its position in Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after acquiring an additional 1,721 shares during the last quarter. GAMMA Investing LLC increased its holdings in Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after purchasing an additional 1,352 shares in the last quarter. KBC Group NV raised its position in Sonos by 52.5% in the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after purchasing an additional 1,670 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in Sonos in the fourth quarter worth $170,000. 85.82% of the stock is owned by institutional investors.

Sonos Price Performance

Shares of Sonos stock opened at $11.71 on Friday. The firm has a 50 day simple moving average of $13.17 and a 200 day simple moving average of $13.26. Sonos, Inc. has a fifty-two week low of $10.23 and a fifty-two week high of $19.45. The firm has a market cap of $1.39 billion, a P/E ratio of -20.54 and a beta of 1.98.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results 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%. On average, sell-side analysts expect that Sonos, Inc. will post -0.37 EPS for the current year.

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

Wall Street Analysts Forecast Growth

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

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.