EntryPoint Capital LLC Buys New Shares in Sonos, Inc. (NASDAQ:SONO)

EntryPoint Capital LLC bought a new position in Sonos, Inc. (NASDAQ:SONO) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 36,701 shares of the company’s stock, valued at approximately $552,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SONO. Quest Partners LLC raised its stake in shares of Sonos by 321.8% in the third quarter. Quest Partners LLC now owns 20,457 shares of the company’s stock worth $251,000 after purchasing an additional 15,607 shares during the last quarter. Intech Investment Management LLC raised its position in Sonos by 157.3% during the 3rd quarter. Intech Investment Management LLC now owns 63,375 shares of the company’s stock worth $779,000 after buying an additional 38,740 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Sonos by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,578,776 shares of the company’s stock worth $19,403,000 after buying an additional 12,719 shares during the last quarter. Meridian Wealth Management LLC lifted its stake in Sonos by 20.0% during the 3rd quarter. Meridian Wealth Management LLC now owns 19,760 shares of the company’s stock valued at $243,000 after acquiring an additional 3,300 shares during the period. Finally, Algert Global LLC boosted its holdings in shares of Sonos by 146.4% in the 3rd quarter. Algert Global LLC now owns 156,570 shares of the company’s stock valued at $1,924,000 after acquiring an additional 93,034 shares during the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Stock Up 2.6 %

Sonos stock opened at $12.02 on Tuesday. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.45. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -21.09 and a beta of 1.98. The business’s 50-day moving average price is $13.13 and its 200 day moving average price is $13.27.

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

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

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price 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.