Bayforest Capital Ltd Purchases New Holdings in Sonos, Inc. (NASDAQ:SONO)

Bayforest Capital Ltd bought a new position in Sonos, Inc. (NASDAQ:SONO - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 107,003 shares of the company's stock, valued at approximately $1,142,000. Sonos comprises about 0.5% of Bayforest Capital Ltd's portfolio, making the stock its 19th biggest position. Bayforest Capital Ltd owned approximately 0.09% of Sonos at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Coliseum Capital Management LLC boosted its position in shares of Sonos by 50.3% in the fourth quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company's stock worth $161,440,000 after buying an additional 3,590,782 shares during the period. Wellington Management Group LLP boosted its position in Sonos by 10.6% during the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock valued at $54,957,000 after purchasing an additional 351,057 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in Sonos by 14.7% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,187,522 shares of the company's stock valued at $47,940,000 after purchasing an additional 408,479 shares during the last quarter. Schroder Investment Management Group boosted its position in Sonos by 0.7% during the fourth quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company's stock valued at $45,591,000 after purchasing an additional 21,126 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Sonos by 5.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,687,007 shares of the company's stock valued at $40,413,000 after purchasing an additional 148,608 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Sonos

In other news, major shareholder Coliseum Capital Management, L purchased 675,000 shares of the stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $11.25 per share, for a total transaction of $7,593,750.00. Following the completion of the purchase, the insider directly owned 14,505,191 shares of the company's stock, valued at approximately $163,183,398.75. The trade was a 4.88% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought 2,387,103 shares of company stock worth $25,629,973 in the last 90 days. Insiders own 1.80% of the company's stock.

Sonos Stock Performance

Shares of Sonos stock traded down $0.45 during trading on Friday, reaching $10.36. The company's stock had a trading volume of 2,112,443 shares, compared to its average volume of 1,948,553. The business's fifty day moving average price is $10.55 and its 200-day moving average price is $11.11. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -17.56 and a beta of 2.04. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89.

Analyst Ratings Changes

A number of analysts have weighed in on SONO shares. Jefferies Financial Group reduced their price target on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Rosenblatt Securities reduced their price target on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Wall Street Zen cut Sonos from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target 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.