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

Sonos (NASDAQ:SONO) announced that its Board of Directors has initiated a stock repurchase plan on Monday, February 24th, RTT News reports. The company plans to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Sonos Stock Up 0.5 %

Shares of NASDAQ SONO opened at $13.56 on Thursday. The business has a fifty day simple moving average of $14.06 and a two-hundred day simple moving average of $13.20. The firm has a market cap of $1.61 billion, a PE ratio of -23.79 and a beta of 1.97. Sonos has a twelve month low of $10.23 and a twelve month high of $19.76.

Sonos (NASDAQ:SONO) last released its quarterly 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, research analysts expect that Sonos will post -0.37 earnings per share for the current year.

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 research note on Friday, February 7th.

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.