Blueshift Asset Management LLC Buys Shares of 11,993 Sonos, Inc. (NASDAQ:SONO)

Blueshift Asset Management LLC bought a new position in shares of Sonos, Inc. (NASDAQ:SONO) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 11,993 shares of the company’s stock, valued at approximately $180,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Cibc World Markets Corp acquired a new position in Sonos during the fourth quarter valued at approximately $170,000. Royce & Associates LP acquired a new position in shares of Sonos in the 4th quarter valued at $357,000. Ironwood Investment Management LLC increased its position in shares of Sonos by 4.0% in the 4th quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock valued at $702,000 after buying an additional 1,782 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Sonos by 9.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 960,187 shares of the company’s stock worth $14,441,000 after buying an additional 82,429 shares during the period. Finally, Amundi lifted its holdings in Sonos by 189.7% during the fourth quarter. Amundi now owns 61,717 shares of the company’s stock worth $910,000 after acquiring an additional 40,413 shares in the last quarter. 85.82% of the stock is owned by institutional investors.

Sonos Stock Up 0.1 %

Shares of SONO stock opened at $11.71 on Friday. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -20.54 and a beta of 1.98. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.45. The firm has a fifty day moving average of $13.17 and a 200-day moving average of $13.26.

Sonos (NASDAQ:SONO) last released 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, equities analysts expect that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos declared that its Board of Directors has authorized a stock repurchase 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 often a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Rosenblatt Securities restated a “buy” rating and issued a $18.00 price target on shares of Sonos in a report 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.