Sonos (NASDAQ:SONO) Price Target Cut to $13.00 by Analysts at Jefferies Financial Group

Sonos (NASDAQ:SONO) had its price target decreased by investment analysts at Jefferies Financial Group from $19.00 to $13.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 55.78% from the company’s previous close.

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

Sonos Price Performance

Shares of SONO stock traded down $0.26 on Monday, hitting $8.35. The stock had a trading volume of 746,828 shares, compared to its average volume of 1,866,110. The firm has a market capitalization of $993.75 million, a P/E ratio of -14.58 and a beta of 2.01. The company’s 50 day moving average price is $12.48 and its 200-day moving average price is $13.19. Sonos has a 1 year low of $7.95 and a 1 year high of $18.48.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, beating 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, equities analysts forecast that Sonos will post -0.37 EPS for the current year.

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

Institutional Trading of Sonos

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Coliseum Capital Management LLC boosted its stake in Sonos by 50.3% during the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company’s stock valued at $161,440,000 after purchasing an additional 3,590,782 shares during the period. Freestone Grove Partners LP acquired a new position in shares of Sonos in the 4th quarter worth approximately $18,125,000. Point72 Asset Management L.P. bought a new position in shares of Sonos in the fourth quarter valued at $13,057,000. Wellington Management Group LLP lifted its holdings in shares of Sonos by 23.4% during the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after purchasing an additional 626,172 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after acquiring an additional 504,293 shares during the period. Institutional investors own 85.82% of the company’s stock.

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.