Coliseum Capital Management, L Acquires 55,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• Coliseum Capital Management, L purchased 55,000 shares of Sonos, Inc. for a total value of $616,550, increasing their ownership to nearly 14.93 million shares.
• Sonos reported a loss of $0.03 per share in its latest quarterly earnings, missing analysts' expectations, with revenue down 13.2% year-over-year.
• Several research firms have upgraded Sonos' stock rating, with Rosenblatt Securities increasing its price target from $15.00 to $17.00.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L purchased 55,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $11.21 per share, for a total transaction of $616,550.00. Following the completion of the transaction, the insider owned 14,930,280 shares of the company's stock, valued at $167,368,438.80. This represents a 0.37% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large 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 Thursday, August 7th, Coliseum Capital Management, L bought 127,406 shares of Sonos stock. The stock was bought at an average price of $10.61 per share, with a total value of $1,351,777.66.
• On Tuesday, August 5th, Coliseum Capital Management, L bought 160,000 shares of Sonos stock. The stock was acquired at an average price of $10.83 per share, with a total value of $1,732,800.00.
• On Monday, August 4th, Coliseum Capital Management, L bought 2,683 shares of Sonos stock. The stock was bought at an average cost of $10.49 per share, for a total transaction of $28,144.67.
• On Friday, August 1st, Coliseum Capital Management, L purchased 80,000 shares of Sonos stock. The shares were bought at an average cost of $10.38 per share, with a total value of $830,400.00.
• On Tuesday, July 29th, Coliseum Capital Management, L acquired 675,000 shares of Sonos stock. The shares were bought at an average price of $11.25 per share, for a total transaction of $7,593,750.00.
• On Monday, July 28th, Coliseum Capital Management, L acquired 350,000 shares of Sonos stock. The stock was bought at an average price of $11.43 per share, with a total value of $4,000,500.00.
• On Friday, July 25th, Coliseum Capital Management, L purchased 287,087 shares of Sonos stock. The shares were acquired at an average cost of $11.18 per share, with a total value of $3,209,632.66.
• On Tuesday, June 24th, Coliseum Capital Management, L bought 111,898 shares of Sonos stock. The shares were acquired at an average price of $10.34 per share, with a total value of $1,157,025.32.
• On Monday, June 23rd, Coliseum Capital Management, L bought 73,530 shares of Sonos stock. The shares were purchased at an average price of $9.89 per share, for a total transaction of $727,211.70.
• On Friday, June 20th, Coliseum Capital Management, L purchased 238,000 shares of Sonos stock. The shares were purchased at an average cost of $9.92 per share, for a total transaction of $2,360,960.00.

Sonos Trading Down 0.3%

Shares of NASDAQ:SONO traded down $0.03 on Monday, reaching $11.30. 2,337,499 shares of the company were exchanged, compared to its average volume of 1,977,013. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $15.89. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -17.38 and a beta of 2.04. The company has a 50-day moving average of $10.67 and a 200-day moving average of $10.92.

Sonos (NASDAQ:SONO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $344.76 million for the quarter, compared to analyst estimates of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%. Sonos's revenue was down 13.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 earnings per share. As a group, analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SONO. Rosenblatt Securities upped their price target on shares of Sonos from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Thursday. Wall Street Zen upgraded shares of Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd.

Institutional Investors Weigh In On Sonos

Several large investors have recently made changes to their positions in the company. Coliseum Capital Management LLC raised its position in shares of Sonos by 50.3% during the fourth quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock worth $161,440,000 after acquiring an additional 3,590,782 shares during the last quarter. Freestone Grove Partners LP bought a new position in Sonos during the fourth quarter worth $18,125,000. Trigran Investments Inc. lifted its holdings in shares of Sonos by 24.0% during the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after buying an additional 1,017,223 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in Sonos in the fourth quarter valued at about $13,057,000. Finally, Nuveen LLC bought a new position in shares of Sonos in the first quarter worth about $5,067,000. Institutional investors own 85.82% of the company's stock.

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.

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