Stock Buyback Program Announced by Sonos (NASDAQ:SONO) Board

Sonos (NASDAQ:SONO) announced that its Board of Directors has authorized a stock buyback program on Monday, February 24th, RTT News reports. The company plans to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

Sonos Trading Up 0.5 %

Sonos stock opened at $13.56 on Thursday. The business’s fifty day simple moving average is $14.06 and its two-hundred day simple moving average is $13.20. Sonos has a 12 month low of $10.23 and a 12 month high of $19.76. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -23.79 and a beta of 1.97.

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

Sonos Company 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.