Jefferies Financial Group Cuts Sonos (NASDAQ:SONO) Price Target to $13.00

Sonos (NASDAQ:SONO) had its price target lowered by Jefferies Financial Group from $19.00 to $13.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price objective indicates a potential upside of 55.78% from the stock’s previous close.

Separately, Rosenblatt Securities restated a “buy” rating and set a $18.00 price target on shares of Sonos in a report on Friday, February 7th.

Sonos Trading Down 3.0 %

SONO stock traded down $0.26 during midday trading on Monday, reaching $8.35. 746,828 shares of the company’s stock traded hands, compared to its average volume of 1,866,110. Sonos has a 52-week low of $7.95 and a 52-week high of $18.48. The stock has a market cap of $993.75 million, a P/E ratio of -14.58 and a beta of 2.01. The stock’s 50-day moving average is $12.48 and its 200 day moving average is $13.19.

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%. As a group, research analysts expect that Sonos will post -0.37 EPS for the current fiscal year.

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

Institutional Trading of Sonos

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sonos by 1.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company’s stock worth $1,030,000 after acquiring an additional 1,033 shares in the last quarter. GAMMA Investing LLC increased its holdings in Sonos by 50.1% in the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after buying an additional 1,352 shares during the period. SG Americas Securities LLC raised its stake in shares of Sonos by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock valued at $614,000 after buying an additional 1,644 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after acquiring an additional 1,721 shares during the period. Finally, Ironwood Investment Management LLC grew its holdings in shares of Sonos by 4.0% in the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock valued at $702,000 after purchasing an additional 1,782 shares during the period. 85.82% of the stock is owned by hedge funds and other institutional investors.

About Sonos

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.