Coliseum Capital Management, L Acquires 80,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• Coliseum Capital Management purchased 80,000 shares of Sonos, Inc. at an average price of $10.38, increasing its total ownership to approximately 14.6 million shares valued at $151.4 million.
• In addition to the recent purchase, Coliseum Capital made several other acquisitions of Sonos stock within the last month, totaling over 1.4 million shares.
• Sonos' stock is currently trading around $10.86, with a market cap of $1.30 billion and a recent downgrade of its price target to $12.25 from analysts, while the consensus rating remains a "Hold."

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L bought 80,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $10.38 per share, with a total value of $830,400.00. Following the completion of the purchase, the insider owned 14,585,191 shares in the company, valued at approximately $151,394,282.58. The trade was a 0.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Tuesday, August 5th, Coliseum Capital Management, L acquired 160,000 shares of Sonos stock. The stock was bought 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 acquired 2,683 shares of Sonos stock. The stock was bought at an average price of $10.49 per share, with a total value of $28,144.67.
• On Tuesday, July 29th, Coliseum Capital Management, L acquired 675,000 shares of Sonos stock. The stock was bought at an average price of $11.25 per share, with a total value of $7,593,750.00.
• On Monday, July 28th, Coliseum Capital Management, L bought 350,000 shares of Sonos stock. The stock was purchased at an average cost of $11.43 per share, with a total value of $4,000,500.00.
• On Friday, July 25th, Coliseum Capital Management, L bought 287,087 shares of Sonos stock. The stock was purchased 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 stock was purchased at an average cost of $10.34 per share, with a total value of $1,157,025.32.
• On Monday, June 23rd, Coliseum Capital Management, L acquired 73,530 shares of Sonos stock. The shares were bought at an average cost of $9.89 per share, with a total value of $727,211.70.
• On Friday, June 20th, Coliseum Capital Management, L acquired 238,000 shares of Sonos stock. The shares were bought at an average cost of $9.92 per share, with a total value of $2,360,960.00.
• On Monday, June 16th, Coliseum Capital Management, L acquired 131,588 shares of Sonos stock. The shares were bought 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 shares were bought at an average cost of $9.93 per share, with a total value of $2,780,400.00.

Sonos Price Performance

Sonos stock traded down $0.01 during trading hours on Tuesday, reaching $10.86. The stock had a trading volume of 2,356,336 shares, compared to its average volume of 1,948,329. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -18.41 and a beta of 2.04. The business's 50 day moving average price is $10.59 and its 200-day moving average price is $11.02. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $15.89.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Norges Bank purchased a new position in Sonos in the fourth quarter worth $4,322,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Sonos by 192.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 370,100 shares of the company's stock valued at $5,566,000 after purchasing an additional 243,759 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Sonos during the 4th quarter valued at $84,000. ExodusPoint Capital Management LP purchased a new stake in shares of Sonos during the 4th quarter valued at $1,710,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of Sonos by 26.2% during the 4th quarter. Wells Fargo & Company MN now owns 89,595 shares of the company's stock valued at $1,348,000 after purchasing an additional 18,592 shares during the last quarter. Institutional investors own 85.82% of the company's stock.

Wall Street Analysts Forecast Growth

SONO has been the subject of several research reports. Rosenblatt Securities dropped their price objective on shares of 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 reduced their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Finally, Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a research report on Saturday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Sonos has a consensus rating of "Hold" and a consensus target price of $12.25.

About Sonos

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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