Sonos (NASDAQ:SONO) Major Shareholder Purchases $4,540,800.00 in Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 320,000 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was bought at an average cost of $14.19 per share, with a total value of $4,540,800.00. Following the completion of the acquisition, the insider owned 17,661,842 shares of the company’s stock, valued at approximately $250,621,537.98. The trade was a 1.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, March 11th, Coliseum Capital Management, L acquired 180,000 shares of Sonos stock. The shares were bought at an average cost of $14.22 per share, for a total transaction of $2,559,600.00.
• On Monday, March 9th, Coliseum Capital Management, L acquired 420,000 shares of Sonos stock. The shares were bought at an average price of $13.95 per share, with a total value of $5,859,000.00.
• On Monday, February 23rd, Coliseum Capital Management, L bought 360,000 shares of Sonos stock. The stock was purchased at an average cost of $14.90 per share, with a total value of $5,364,000.00.
• On Wednesday, February 25th, Coliseum Capital Management, L bought 118,020 shares of Sonos stock. The stock was purchased at an average price 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 stock was purchased 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 purchased 290,000 shares of Sonos stock. The shares were purchased 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 purchased 257,210 shares of Sonos stock. The shares were purchased 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 acquired 100,000 shares of Sonos stock. The stock was purchased 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 shares were purchased 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 bought 211,530 shares of Sonos stock. The shares were purchased at an average price of $16.29 per share, for a total transaction of $3,445,823.70.

Sonos Stock Performance

SONO stock opened at $13.15 on Friday. The stock has a market capitalization of $1.59 billion, a P/E ratio of -77.35 and a beta of 1.97. Sonos, Inc. has a one year low of $7.63 and a one year high of $19.82. The company has a 50 day moving average price of $15.53 and a two-hundred day moving average price of $16.32.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same quarter in the prior year, the company posted $0.64 EPS. The business’s revenue for the quarter was down .9% compared to the same quarter last year. Research analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SONO. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 price target on shares of Sonos in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a research note on Thursday, January 22nd. Morgan Stanley set a $18.00 price objective on shares of Sonos in a report on Wednesday, February 4th. Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, Zacks Research raised shares of Sonos from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 9th. One equities 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Hedge Funds Weigh In On Sonos

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas increased its holdings in Sonos by 25.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock worth $240,000 after purchasing an additional 4,530 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Sonos during the 3rd quarter valued at approximately $3,658,000. Allianz Asset Management GmbH grew its position in shares of Sonos by 125.9% during the third 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 in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Sonos in the third quarter worth $4,446,000. Finally, Crestwood Capital Management L.P. increased its stake in shares of Sonos by 19.4% in the third quarter. Crestwood Capital Management L.P. now owns 615,000 shares of the company’s stock worth $9,717,000 after buying an additional 100,000 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

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.