Sonos (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Buys 133,259 Shares

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 133,259 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were purchased at an average price of $14.83 per share, for a total transaction of $1,976,230.97. Following the completion of the purchase, the insider owned 16,803,822 shares of the company’s stock, valued at approximately $249,200,680.26. This trade represents a 0.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, February 23rd, Coliseum Capital Management, L purchased 360,000 shares of Sonos stock. The stock was acquired at an average price of $14.90 per share, for a total transaction of $5,364,000.00.
• On Wednesday, February 25th, Coliseum Capital Management, L acquired 118,020 shares of Sonos stock. The shares were acquired at an average cost of $15.25 per share, for a total transaction of $1,799,805.00.
• On Tuesday, February 17th, Coliseum Capital Management, L bought 290,000 shares of Sonos stock. The stock was acquired at an average cost of $15.59 per share, with a total value of $4,521,100.00.
• On Friday, February 13th, Coliseum Capital Management, L purchased 257,210 shares of Sonos stock. The shares were bought at an average cost of $15.74 per share, for a total transaction of $4,048,485.40.
• On Thursday, February 12th, Coliseum Capital Management, L bought 100,000 shares of Sonos stock. The stock was bought at an average cost of $16.11 per share, with a total value of $1,611,000.00.
• On Friday, February 6th, Coliseum Capital Management, L bought 26,824 shares of Sonos stock. The stock was purchased at an average cost of $16.49 per share, for a total transaction of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L purchased 211,530 shares of Sonos stock. The stock was purchased at an average price of $16.29 per share, with a total value of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L acquired 494,719 shares of Sonos stock. The stock was acquired at an average price of $15.50 per share, for a total transaction of $7,668,144.50.

Sonos Stock Performance

NASDAQ SONO traded up $0.55 during trading hours on Thursday, reaching $15.95. The company’s stock had a trading volume of 233,147 shares, compared to its average volume of 1,904,947. The company’s 50-day moving average is $16.32 and its two-hundred day moving average is $16.21. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82. The stock has a market cap of $1.93 billion, a PE ratio of -93.91 and a beta of 2.05.

Sonos (NASDAQ:SONO) last announced its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.08. Sonos had a negative net margin of 1.22% and a positive return on equity of 0.82%. The firm had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same quarter last year, the business earned $0.64 earnings per share. Sonos’s revenue was down .9% compared to the same quarter last year. Equities analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Institutional Trading of Sonos

Several hedge funds and other institutional investors have recently modified their holdings of SONO. Y Intercept Hong Kong Ltd boosted its stake in Sonos by 620.4% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company’s stock valued at $2,001,000 after buying an additional 159,448 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Sonos by 25.7% during the second quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock worth $240,000 after purchasing an additional 4,530 shares during the last quarter. SG Americas Securities LLC acquired a new position in Sonos during the 3rd quarter worth about $3,658,000. Allianz Asset Management GmbH boosted its position in Sonos by 125.9% in the 3rd quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock valued at $7,256,000 after buying an additional 255,982 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in Sonos during the 3rd quarter valued at about $4,446,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SONO shares. Morgan Stanley set a $18.00 price target on shares of Sonos in a research report on Wednesday, February 4th. Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $21.00 price target on shares of Sonos in a research report on Monday, February 2nd. Jefferies Financial Group lifted their price target on Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sonos presently has an average rating of “Moderate Buy” and an average price target of $20.00.

Sonos Company Profile

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.