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

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Sonos by 8.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 90,444 shares of the company's stock valued at $1,361,000 after buying an additional 7,110 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in Sonos during the fourth quarter worth about $406,000. Northern Trust Corp grew its holdings in Sonos by 9.0% during the fourth quarter. Northern Trust Corp now owns 1,317,712 shares of the company's stock worth $19,818,000 after acquiring an additional 109,269 shares during the period. Ameriprise Financial Inc. grew its holdings in Sonos by 10.9% during the fourth quarter. Ameriprise Financial Inc. now owns 655,241 shares of the company's stock worth $9,855,000 after acquiring an additional 64,241 shares during the period. Finally, Baird Financial Group Inc. acquired a new position in Sonos during the fourth quarter worth about $1,228,000. Institutional investors own 85.82% of the company's stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Sonos news, major shareholder Coliseum Capital Management, L purchased 675,000 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The shares were purchased at an average cost of $11.25 per share, with a total value of $7,593,750.00. Following the completion of the transaction, the insider owned 14,505,191 shares of the company's stock, valued at approximately $163,183,398.75. This represents a 4.88% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 2,950,069 shares of company stock worth $31,713,016 over the last quarter. 1.80% of the stock is currently owned by insiders.

Sonos Stock Performance

NASDAQ:SONO traded up $0.28 during trading hours on Tuesday, hitting $15.03. 696,639 shares of the company's stock traded hands, compared to its average volume of 2,003,233. The firm has a market cap of $1.82 billion, a P/E ratio of -23.10 and a beta of 2.17. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89. The stock's fifty day moving average price is $12.02 and its two-hundred day moving average price is $10.94.

Sonos (NASDAQ:SONO - Get Free Report) last posted 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 business had revenue of $344.76 million for 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% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, equities research analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current year.

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.