Coliseum Capital Management, L Buys 280,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 280,000 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was bought at an average cost of $9.93 per share, with a total value of $2,780,400.00. Following the purchase, the insider now owns 12,638,088 shares of the company’s stock, valued at $125,496,213.84. This represents a 2.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Coliseum Capital Management, L also recently made the following trade(s):

• On Monday, June 16th, Coliseum Capital Management, L purchased 131,588 shares of Sonos stock. The stock was bought at an average cost of $10.26 per share, with a total value of $1,350,092.88.
• On Thursday, June 12th, Coliseum Capital Management, L purchased 240,000 shares of Sonos stock. The stock was bought at an average cost of $10.21 per share, with a total value of $2,450,400.00.
• On Monday, April 7th, Coliseum Capital Management, L purchased 62,506 shares of Sonos stock. The stock was bought at an average cost of $8.38 per share, with a total value of $523,800.28.
• On Thursday, April 3rd, Coliseum Capital Management, L bought 147,157 shares of Sonos stock. The shares were acquired at an average cost of $9.17 per share, with a total value of $1,349,429.69.

Sonos Trading Up 4.5%

Shares of NASDAQ SONO opened at $10.37 on Tuesday. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -18.19 and a beta of 2.06. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $15.89. The stock has a 50-day moving average price of $9.62 and a two-hundred day moving average price of $11.97.

Sonos declared that its board has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio acquired a new position in shares of Sonos in the first quarter valued at approximately $147,000. Intech Investment Management LLC increased its stake in shares of Sonos by 38.5% in the first quarter. Intech Investment Management LLC now owns 151,152 shares of the company’s stock valued at $1,613,000 after buying an additional 42,006 shares during the period. Bayforest Capital Ltd acquired a new position in shares of Sonos in the first quarter valued at approximately $1,142,000. SCS Capital Management LLC acquired a new position in shares of Sonos in the first quarter valued at approximately $1,229,000. Finally, Jones Financial Companies Lllp increased its stake in shares of Sonos by 22,701.2% in the first quarter. Jones Financial Companies Lllp now owns 353,190 shares of the company’s stock valued at $3,769,000 after buying an additional 351,641 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on SONO. Rosenblatt Securities lowered their target price on Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group lowered their target price on Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, April 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.