Sonos, Inc. (NASDAQ:SONO) Major Shareholder Purchases $1,350,092.88 in Stock

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L bought 131,588 shares of the company's stock in a transaction on Monday, June 16th. The stock was bought at an average price of $10.26 per share, for a total transaction of $1,350,092.88. Following the completion of the purchase, the insider now owns 12,769,676 shares of the company's stock, valued at approximately $131,016,875.76. The trade was a 1.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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, June 13th, Coliseum Capital Management, L bought 280,000 shares of Sonos stock. The stock was bought at an average price of $9.93 per share, for a total transaction of $2,780,400.00.
• On Thursday, June 12th, Coliseum Capital Management, L bought 240,000 shares of Sonos stock. The stock was bought at an average price of $10.21 per share, for a total transaction of $2,450,400.00.
• On Monday, April 7th, Coliseum Capital Management, L bought 62,506 shares of Sonos stock. The stock was bought at an average price of $8.38 per share, for a total transaction of $523,800.28.
• On Thursday, April 3rd, Coliseum Capital Management, L bought 147,157 shares of Sonos stock. The stock was bought at an average price of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Trading Down 1.4%

Shares of SONO stock traded down $0.14 during trading on Thursday, reaching $9.93. 1,650,273 shares of the company's stock traded hands, compared to its average volume of 1,977,240. The company has a market capitalization of $1.19 billion, a P/E ratio of -16.83 and a beta of 2.06. The firm's 50-day moving average is $9.66 and its 200 day moving average is $11.94. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.89.

Sonos announced that its Board of Directors has approved a share buyback plan on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

SONO has been the topic of a number of recent research reports. Jefferies Financial Group dropped their price target on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Rosenblatt Securities dropped their price target on shares of Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

Institutional Trading of Sonos

A number of institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. increased its holdings in Sonos by 3.6% during the 4th quarter. Principal Financial Group Inc. now owns 593,671 shares of the company's stock worth $8,929,000 after acquiring an additional 20,397 shares during the period. US Bancorp DE increased its holdings in Sonos by 5.2% during the 4th quarter. US Bancorp DE now owns 43,722 shares of the company's stock worth $658,000 after acquiring an additional 2,153 shares during the period. Smartleaf Asset Management LLC increased its holdings in Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after acquiring an additional 1,721 shares during the period. SBI Securities Co. Ltd. bought a new stake in Sonos during the 4th quarter worth approximately $30,000. Finally, NBW Capital LLC increased its holdings in Sonos by 42.6% during the 4th quarter. NBW Capital LLC now owns 256,134 shares of the company's stock worth $3,852,000 after acquiring an additional 76,454 shares during the period. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

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.