Sonos (NASDAQ:SONO) to Buyback $150.00 million in Outstanding Stock

Sonos (NASDAQ:SONO) declared that its board has initiated a share repurchase plan on Monday, February 24th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Sonos Stock Performance

NASDAQ SONO traded up $0.58 during trading hours on Monday, reaching $12.51. 1,918,762 shares of the company’s stock were exchanged, compared to its average volume of 2,215,162. The company’s 50-day moving average is $14.09 and its two-hundred day moving average is $13.19. Sonos has a one year low of $10.23 and a one year high of $19.76. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -21.95 and a beta of 1.97.

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

Analyst Upgrades and Downgrades

Separately, Rosenblatt Securities restated 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.