Insider Buying: Sonos (NASDAQ:SONO) Major Shareholder Acquires 290,000 Shares of Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 290,000 shares of Sonos stock in a transaction dated Tuesday, February 17th. The stock was bought at an average cost of $15.59 per share, with a total value of $4,521,100.00. Following the completion of the transaction, the insider directly owned 16,310,563 shares of the company’s stock, valued at $254,281,677.17. This represents a 1.81% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Friday, February 13th, Coliseum Capital Management, L acquired 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 acquired 100,000 shares of Sonos stock. The stock was bought at an average price of $16.11 per share, for a total transaction of $1,611,000.00.
• On Friday, February 6th, Coliseum Capital Management, L bought 26,824 shares of Sonos stock. The shares were bought at an average cost of $16.49 per share, with a total value of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L purchased 211,530 shares of Sonos stock. The shares were bought at an average price of $16.29 per share, for a total transaction of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L acquired 494,719 shares of Sonos stock. The shares were purchased at an average price of $15.50 per share, with a total value of $7,668,144.50.

Sonos Trading Up 0.6%

NASDAQ SONO traded up $0.09 on Tuesday, reaching $15.60. The stock had a trading volume of 2,026,075 shares, compared to its average volume of 2,193,455. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $19.82. The business has a 50 day moving average price of $16.70 and a 200 day moving average price of $16.07. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -91.76 and a beta of 2.05.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.08. The firm had revenue of $545.66 million for the quarter, compared to the consensus estimate of $536.93 million. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The firm’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.64 earnings per share. On average, analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Sonos by 626.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock valued at $42,083,000 after purchasing an additional 2,296,996 shares in the last quarter. Cooper Creek Partners Management LLC raised its holdings in Sonos by 38.6% during the 2nd quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company’s stock worth $45,876,000 after buying an additional 1,181,033 shares during the period. Cubist Systematic Strategies LLC lifted its stake in Sonos by 250.8% in the second quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock valued at $15,066,000 after buying an additional 996,425 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Sonos by 5.9% in the third quarter. Vanguard Group Inc. now owns 13,730,353 shares of the company’s stock valued at $216,940,000 after buying an additional 768,776 shares during the period. Finally, AQR Capital Management LLC increased its position in shares of Sonos by 1,472.4% during the second quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock worth $8,698,000 after acquiring an additional 753,414 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

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