Bank of New York Mellon Corp Has $12.36 Million Stake in Sonos, Inc. (NASDAQ:SONO)

Bank of New York Mellon Corp cut its position in shares of Sonos, Inc. (NASDAQ:SONO) by 3.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 822,092 shares of the company’s stock after selling 33,464 shares during the quarter. Bank of New York Mellon Corp’s holdings in Sonos were worth $12,364,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of SONO. Barclays PLC raised its position in shares of Sonos by 120.3% in the 3rd quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after acquiring an additional 504,293 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in 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 purchasing an additional 154,011 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Sonos by 42.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 877,758 shares of the company’s stock worth $10,788,000 after purchasing an additional 263,060 shares in the last quarter. Crestwood Capital Management L.P. bought a new stake in Sonos in the third quarter worth approximately $922,000. Finally, KBC Group NV lifted its stake in Sonos by 52.6% in the fourth quarter. KBC Group NV now owns 7,403 shares of the company’s stock valued at $111,000 after buying an additional 2,551 shares during the period. Institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

SONO stock opened at $11.69 on Thursday. The company’s 50-day moving average is $13.64 and its 200-day moving average is $13.29. The stock has a market capitalization of $1.39 billion, a PE ratio of -20.51 and a beta of 1.98. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.76.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share 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%. On average, analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos declared that its Board of Directors has initiated a share repurchase program on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price objective 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.