Sonos, Inc. $SONO Shares Acquired by Coliseum Capital Management LLC

Key Points

• Coliseum Capital Management LLC increased its holdings in Sonos, Inc. by 9.7% in Q1, owning 11.77 million shares valued at approximately $125.65 million, representing about 10.5% of their total investments.
• Sonos reported a revenue of $344.76 million in the last quarter, though earnings per share came in lower than expected at ($0.03), missing the consensus estimate by $0.01.
• Institutional investors own approximately 85.82% of Sonos stock, with recent activity showing significant insider buying, including a transaction by the CEO who increased his ownership by 61.34%.

Coliseum Capital Management LLC grew its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 9.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,775,582 shares of the company's stock after purchasing an additional 1,041,569 shares during the period. Sonos makes up approximately 10.5% of Coliseum Capital Management LLC's holdings, making the stock its 4th largest holding. Coliseum Capital Management LLC owned approximately 9.89% of Sonos worth $125,645,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Sonos by 1.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company's stock worth $1,030,000 after buying an additional 1,033 shares in the last quarter. Fox Run Management L.L.C. lifted its holdings in Sonos by 10.1% during the 1st quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company's stock worth $132,000 after buying an additional 1,128 shares in the last quarter. Blueshift Asset Management LLC lifted its holdings in Sonos by 11.4% during the 1st quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock worth $143,000 after buying an additional 1,367 shares in the last quarter. Headlands Technologies LLC lifted its holdings in Sonos by 38.8% during the 1st 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. Finally, HighTower Advisors LLC lifted its holdings in Sonos by 5.1% during the 1st quarter. HighTower Advisors LLC now owns 49,958 shares of the company's stock worth $533,000 after buying an additional 2,407 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on SONO shares. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $17.00 price target on shares of Sonos in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $13.67.

Sonos Price Performance

SONO stock traded up $0.06 during trading hours on Monday, reaching $14.75. 1,825,497 shares of the stock were exchanged, compared to its average volume of 2,011,089. The firm's 50-day moving average is $11.94 and its 200-day moving average is $10.92. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -22.69 and a beta of 2.17. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $15.89.

Sonos (NASDAQ:SONO - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). The firm had revenue of $344.76 million for the quarter, compared to the consensus estimate 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 for the quarter was down 13.2% on a year-over-year basis. During the same quarter last year, the company posted $0.03 EPS. As a group, equities research analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling at Sonos

In related news, major shareholder Coliseum Capital Management, L acquired 675,000 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $11.25 per share, for a total transaction of $7,593,750.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders bought 2,950,069 shares of company stock valued at $31,713,016. 1.80% of the stock is owned by company insiders.

Sonos 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.