Sonos, Inc. (NASDAQ:SONO) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its position in Sonos, Inc. (NASDAQ:SONO) by 9.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 960,187 shares of the company’s stock after acquiring an additional 82,429 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Sonos were worth $14,441,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos during the fourth quarter worth $30,000. Gladius Capital Management LP acquired a new stake in shares of Sonos during the third quarter worth about $30,000. Smartleaf Asset Management LLC increased its stake in shares of Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after buying an additional 1,721 shares during the period. GAMMA Investing LLC increased its stake in Sonos by 50.1% in the fourth 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 during the last quarter. Finally, KBC Group NV increased its stake in Sonos by 52.5% in the third 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. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

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.

Sonos Trading Down 4.2 %

Sonos stock opened at $11.20 on Friday. The stock has a market cap of $1.33 billion, a PE ratio of -19.65 and a beta of 1.98. The stock has a 50-day moving average price of $13.57 and a 200 day moving average price of $13.27. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.76.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.40 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 predict that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos declared that its board has approved a stock repurchase program on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

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.