Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Purchases 240,000 Shares

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L acquired 240,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was purchased at an average cost of $10.21 per share, with a total value of $2,450,400.00. Following the completion of the acquisition, the insider now owns 12,358,088 shares of the company’s stock, valued at $126,176,078.48. The trade was a 1.98% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own more than 10% 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 Monday, June 16th, Coliseum Capital Management, L acquired 131,588 shares of Sonos stock. The stock was purchased at an average cost of $10.26 per share, with a total value of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L acquired 280,000 shares of Sonos stock. The stock was purchased at an average cost of $9.93 per share, with a total value of $2,780,400.00.
• On Monday, April 7th, Coliseum Capital Management, L acquired 62,506 shares of Sonos stock. The stock was purchased 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 acquired 147,157 shares of Sonos stock. The stock was purchased at an average cost of $9.17 per share, with a total value of $1,349,429.69.

Sonos Trading Up 4.5%

NASDAQ:SONO opened at $10.37 on Tuesday. The firm has a market capitalization of $1.25 billion, a PE ratio of -18.19 and a beta of 2.06. The stock has a 50 day moving average of $9.62 and a 200-day moving average of $11.97. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $15.89.

Sonos declared that its Board of Directors has initiated a stock buyback program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SONO has been the subject of several recent research reports. Rosenblatt Securities lowered their target price on Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a report 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 report on Monday, April 7th.

Hedge Funds Weigh In On Sonos

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new position in shares of Sonos during the fourth quarter worth approximately $30,000. Mountain Hill Investment Partners Corp. acquired a new position in shares of Sonos during the fourth quarter worth approximately $31,000. Smartleaf Asset Management LLC boosted its position in shares of Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after buying an additional 1,721 shares during the period. AlphaQuest LLC acquired a new position in shares of Sonos during the first quarter worth approximately $29,000. Finally, Headlands Technologies LLC acquired a new position in shares of Sonos during the fourth quarter worth approximately $84,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Company Profile

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.