Coliseum Capital Management, L Buys 360,000 Shares of Sonos (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L acquired 360,000 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was acquired at an average price of $14.90 per share, for a total transaction of $5,364,000.00. Following the acquisition, the insider owned 16,670,563 shares in the company, valued at approximately $248,391,388.70. The trade was a 2.21% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 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 Wednesday, February 25th, Coliseum Capital Management, L bought 118,020 shares of Sonos stock. The shares were acquired at an average price of $15.25 per share, with a total value of $1,799,805.00.
• On Tuesday, February 24th, Coliseum Capital Management, L purchased 133,259 shares of Sonos stock. The stock was acquired at an average cost of $14.83 per share, with a total value of $1,976,230.97.
• On Tuesday, February 17th, Coliseum Capital Management, L acquired 290,000 shares of Sonos stock. The shares were bought at an average cost of $15.59 per share, for a total transaction of $4,521,100.00.
• On Friday, February 13th, Coliseum Capital Management, L bought 257,210 shares of Sonos stock. The stock was bought at an average price 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 shares were 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 acquired 26,824 shares of Sonos stock. The stock was bought 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 acquired 211,530 shares of Sonos stock. The shares were purchased 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 bought 494,719 shares of Sonos stock. The shares were purchased at an average price of $15.50 per share, for a total transaction of $7,668,144.50.

Sonos Trading Up 4.1%

Shares of NASDAQ SONO traded up $0.60 during trading hours on Wednesday, reaching $15.40. The stock had a trading volume of 1,392,723 shares, compared to its average volume of 2,391,958. The firm 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 fifty-two week low of $7.63 and a fifty-two week high of $19.82. The firm has a 50-day moving average of $16.32 and a 200-day moving average of $16.21.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.85 by $0.08. The company had revenue of $545.66 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. On average, equities analysts predict that Sonos, Inc. will post -0.37 EPS for the current year.

Analysts Set New Price Targets

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

Key Stories Impacting Sonos

Here are the key news stories impacting Sonos this week:

• Positive Sentiment: Coliseum Capital increased its stake through multiple purchases this week (totaling several hundred thousand shares across Feb. 23–25), signaling confidence from a major shareholder and adding buying pressure. The SEC filing shows the purchases and the enlarged position. Coliseum Capital SEC Filing
• Positive Sentiment: Short interest fell ~15.8% month-over-month to ~9.15M shares (7.7% of float) as of Feb. 13, reducing potential short-covering risk and lowering a bearish technical overhang. This improves the supply/demand dynamics for the stock.
• Positive Sentiment: Sonos announced it will participate in the Morgan Stanley Technology, Media & Telecom conference — a chance to update investors and analysts on strategy, outlook and product road map. Sonos Announces Participation in Morgan Stanley Conference
• Positive Sentiment: Product and app improvements are being rolled out — Sonos plans a Live Activities feature and an app overhaul to improve iOS integration and user experience, which could support better retention and sales. Sonos plans to fix its biggest iOS hurdle with a new Live Activities feature Sonos Planning Another App Overhaul With Live Activities Support
• Neutral Sentiment: Recent reviews continue to position Sonos as a reference product in the soundbar category — favorable press supports brand premium but may not immediately translate into near-term revenue upside. This Sonos soundbar rival tries its best…

Institutional Investors Weigh In On Sonos

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in 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 lifted its holdings in shares of Sonos by 38.6% in the 2nd quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company’s stock valued at $45,876,000 after buying an additional 1,181,033 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Sonos by 2.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,281,869 shares of the company’s stock valued at $57,630,000 after buying an additional 85,468 shares in the last quarter. Schroder Investment Management Group grew its holdings in Sonos by 2.0% during the second quarter. Schroder Investment Management Group now owns 3,281,397 shares of the company’s stock worth $35,472,000 after acquiring an additional 63,302 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Sonos by 20.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,216,366 shares of the company’s stock worth $56,479,000 after acquiring an additional 552,886 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

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.