Sonos (NASDAQ:SONO) Major Shareholder Buys $1,799,805.00 in Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 118,020 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were acquired at an average cost of $15.25 per share, with a total value of $1,799,805.00. Following the acquisition, the insider directly owned 16,921,842 shares in the company, valued at approximately $258,058,090.50. The trade was a 0.70% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% 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 Tuesday, February 24th, Coliseum Capital Management, L acquired 133,259 shares of Sonos stock. The stock was bought at an average price of $14.83 per share, for a total transaction of $1,976,230.97.
• On Tuesday, February 17th, Coliseum Capital Management, L bought 290,000 shares of Sonos stock. The shares were bought at an average price of $15.59 per share, with a total value of $4,521,100.00.
• On Friday, February 13th, Coliseum Capital Management, L bought 257,210 shares of Sonos stock. The shares were bought at an average cost of $15.74 per share, with a total value of $4,048,485.40.
• On Thursday, February 12th, Coliseum Capital Management, L purchased 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 purchased 26,824 shares of Sonos stock. The stock was bought 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 acquired 211,530 shares of Sonos stock. The shares were bought 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 shares were purchased at an average price of $15.50 per share, with a total value of $7,668,144.50.

Sonos Stock Up 4.1%

Shares of Sonos stock traded up $0.60 on Wednesday, hitting $15.40. The stock had a trading volume of 1,392,723 shares, compared to its average volume of 2,391,958. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -90.59 and a beta of 2.05. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $19.82. The business’s 50 day moving average is $16.32 and its two-hundred day moving average is $16.21.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.08. The business had revenue of $545.66 million during 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 quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 EPS. As a group, equities analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SONO. Morgan Stanley set a $18.00 target price on shares of Sonos in a research report on Wednesday, February 4th. Rosenblatt Securities reissued a “buy” rating and set a $21.00 price target on shares of Sonos in a research report on Monday, February 2nd. Wall Street Zen raised Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Jefferies Financial Group raised their price target on Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Sonos by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 13,935,287 shares of the company’s stock valued at $244,704,000 after purchasing an additional 204,934 shares in the last quarter. Cooper Creek Partners Management LLC grew its holdings in shares of Sonos by 38.6% during the second quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company’s stock worth $45,876,000 after purchasing an additional 1,181,033 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Sonos by 2.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,281,869 shares of the company’s stock worth $57,630,000 after acquiring an additional 85,468 shares during the last quarter. Schroder Investment Management Group increased its holdings in Sonos by 2.0% in the second quarter. Schroder Investment Management Group now owns 3,281,397 shares of the company’s stock valued at $35,472,000 after purchasing an additional 63,302 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Sonos by 20.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,216,366 shares of the company’s stock valued at $56,479,000 after buying an additional 552,886 shares during the period. 85.82% of the stock is currently owned by institutional investors and hedge funds.

About Sonos

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.