Coliseum Capital Management, L Buys 238,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 238,000 shares of the stock in a transaction on Friday, June 20th. The shares were bought at an average price of $9.92 per share, with a total value of $2,360,960.00. Following the purchase, the insider now directly owns 13,007,676 shares of the company's stock, valued at $129,036,145.92. The trade was a 1.86% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own more than 10% 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 Tuesday, June 24th, Coliseum Capital Management, L acquired 111,898 shares of Sonos stock. The shares were bought 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 purchased 73,530 shares of Sonos stock. The stock was acquired at an average price of $9.89 per share, with a total value of $727,211.70.
• On Monday, June 16th, Coliseum Capital Management, L purchased 131,588 shares of Sonos stock. The stock was acquired at an average price of $10.26 per share, with a total value of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L purchased 280,000 shares of Sonos stock. The stock was acquired at an average price of $9.93 per share, with a total value of $2,780,400.00.
• On Thursday, June 12th, Coliseum Capital Management, L acquired 240,000 shares of Sonos stock. The stock was purchased at an average cost of $10.21 per share, with a total value of $2,450,400.00.
• On Monday, April 7th, Coliseum Capital Management, L bought 62,506 shares of Sonos stock. The stock was purchased at an average cost of $8.38 per share, for a total transaction of $523,800.28.
• On Thursday, April 3rd, Coliseum Capital Management, L purchased 147,157 shares of Sonos stock. The shares were purchased at an average price of $9.17 per share, with a total value of $1,349,429.69.

Sonos Stock Performance

NASDAQ:SONO traded up $0.28 during mid-day trading on Tuesday, hitting $10.34. 2,176,594 shares of the company traded hands, compared to its average volume of 1,977,801. The stock's fifty day moving average price is $9.77 and its 200-day moving average price is $11.81. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89.

Sonos declared that its board has authorized a share repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Jefferies Financial Group cut their price target on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, April 7th. Rosenblatt Securities cut their price target on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, May 8th.

Hedge Funds Weigh In On Sonos

A number of hedge funds have recently made changes to their positions in SONO. AlphaQuest LLC bought a new position in shares of Sonos in the first quarter worth about $29,000. SBI Securities Co. Ltd. bought a new position in shares of Sonos in the fourth quarter worth about $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in shares of Sonos in the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its position in shares of Sonos by 191.2% in 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 in the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Sonos by 38.8% in the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after buying an additional 2,168 shares in the last quarter. 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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