AXQ Capital LP Makes New Investment in Sonos, Inc. (NASDAQ:SONO)

AXQ Capital LP purchased a new position in Sonos, Inc. (NASDAQ:SONO) during the 4th quarter, HoldingsChannel reports. The firm purchased 17,254 shares of the company’s stock, valued at approximately $260,000.

Other institutional investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in Sonos in the 4th quarter worth approximately $30,000. Smartleaf Asset Management LLC increased its position in Sonos by 191.2% in the 4th 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. KBC Group NV increased its position in Sonos by 52.5% in the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock worth $60,000 after buying an additional 1,670 shares during the period. GAMMA Investing LLC increased its position in shares of Sonos by 50.1% during 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 period. Finally, Hohimer Wealth Management LLC bought a new stake in shares of Sonos during the third quarter valued at approximately $148,000. 85.82% of the stock is owned by institutional investors.

Sonos Trading Up 0.1 %

SONO opened at $11.71 on Monday. The stock has a market cap of $1.39 billion, a PE ratio of -20.54 and a beta of 1.98. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.45. The stock’s 50 day simple moving average is $13.17 and its 200-day simple moving average is $13.27.

Sonos (NASDAQ:SONO) last announced 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%. Equities analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos announced that its Board of Directors has approved a stock buyback plan on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Separately, Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Sonos in a research 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.