Sonos (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Purchases 360,000 Shares

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 360,000 shares of the stock in a transaction dated Monday, February 23rd. The shares were purchased at an average price of $14.90 per share, with a total value of $5,364,000.00. Following the completion of the transaction, the insider owned 16,670,563 shares of the company’s stock, valued at approximately $248,391,388.70. This trade represents a 2.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• On Wednesday, February 25th, Coliseum Capital Management, L bought 118,020 shares of Sonos stock. The shares were purchased at an average cost of $15.25 per share, for a total transaction of $1,799,805.00.
• On Tuesday, February 24th, Coliseum Capital Management, L bought 133,259 shares of Sonos stock. The shares were purchased at an average price of $14.83 per share, with a total value of $1,976,230.97.
• On Tuesday, February 17th, Coliseum Capital Management, L bought 290,000 shares of Sonos stock. The stock was purchased 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 acquired 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 acquired 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 acquired 26,824 shares of Sonos stock. The stock was acquired at an average price of $16.49 per share, with a total value of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L bought 211,530 shares of Sonos stock. The shares were acquired at an average cost of $16.29 per share, for a total transaction of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L purchased 494,719 shares of Sonos stock. The stock was acquired at an average cost of $15.50 per share, with a total value of $7,668,144.50.

Sonos Stock Performance

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

Sonos (NASDAQ:SONO) last announced its quarterly earnings data 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. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The business had revenue of $545.66 million for the quarter, compared to analysts’ expectations of $536.93 million. During the same period last year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sonos

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd increased its position in shares of Sonos by 620.4% during the second quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company’s stock worth $2,001,000 after purchasing an additional 159,448 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Sonos by 25.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock valued at $240,000 after purchasing an additional 4,530 shares during the period. SG Americas Securities LLC purchased a new position in Sonos during the 3rd quarter worth approximately $3,658,000. Allianz Asset Management GmbH grew its stake in Sonos by 125.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock worth $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 third quarter worth approximately $4,446,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Jefferies Financial Group raised their target price on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Morgan Stanley set a $18.00 price objective on shares of Sonos in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Finally, Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.00.

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.