Coliseum Capital Management, L Purchases 127,406 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• Coliseum Capital Management acquired 127,406 shares of Sonos at an average price of $10.61 per share, increasing its total stake in the company to 14,875,280 shares, valued at approximately $157.83 million.
• Sonos reported a quarterly loss of ($0.03) EPS, missing estimates, and its revenue for the quarter was $344.76 million, down 13.2% year-over-year.
• Following the latest trades, several analysts have raised their price target on Sonos, with Rosenblatt Securities increasing it from $15.00 to $17.00 and maintaining a "buy" rating.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L bought 127,406 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were acquired at an average price of $10.61 per share, for a total transaction of $1,351,777.66. Following the completion of the transaction, the insider owned 14,875,280 shares in the company, valued at $157,826,720.80. This represents a 0.86% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.

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

• On Friday, August 8th, Coliseum Capital Management, L purchased 55,000 shares of Sonos stock. The stock was purchased at an average price of $11.21 per share, for a total transaction of $616,550.00.
• On Tuesday, August 5th, Coliseum Capital Management, L purchased 160,000 shares of Sonos stock. The stock was purchased at an average price of $10.83 per share, for a total transaction of $1,732,800.00.
• On Monday, August 4th, Coliseum Capital Management, L purchased 2,683 shares of Sonos stock. The stock was purchased at an average price of $10.49 per share, for a total transaction of $28,144.67.
• On Friday, August 1st, Coliseum Capital Management, L bought 80,000 shares of Sonos stock. The stock was 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 bought 675,000 shares of Sonos stock. The stock was bought at an average cost 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 bought 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 bought 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 bought 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 purchased 73,530 shares of Sonos stock. The shares were acquired 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 purchased 238,000 shares of Sonos stock. The shares were acquired at an average cost of $9.92 per share, with a total value of $2,360,960.00.

Sonos Stock Performance

NASDAQ:SONO traded down $0.03 during trading hours on Monday, hitting $11.30. The stock had a trading volume of 2,337,499 shares, compared to its average volume of 1,977,013. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -17.38 and a beta of 2.04. The business's 50 day moving average is $10.67 and its 200-day moving average is $10.92.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $324.66 million. Sonos had a negative net margin of 5.41% and a negative return on equity of 18.19%. The firm's quarterly revenue was down 13.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 EPS. On average, sell-side analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SONO shares. Rosenblatt Securities boosted their price target on shares of Sonos from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Thursday. Wall Street Zen raised shares of Sonos from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Coliseum Capital Management LLC lifted its stake in Sonos by 50.3% in the fourth quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock valued at $161,440,000 after acquiring an additional 3,590,782 shares during the last quarter. Freestone Grove Partners LP acquired a new stake in shares of Sonos in the 4th quarter valued at approximately $18,125,000. Trigran Investments Inc. boosted its position in Sonos by 24.0% during the 1st 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 during the period. Point72 Asset Management L.P. acquired a new position in shares of Sonos in the 4th quarter worth approximately $13,057,000. Finally, Nuveen LLC bought a new stake in shares of Sonos in the 1st quarter valued at $5,067,000. Institutional investors and hedge funds own 85.82% of the company's stock.

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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