Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 131,588 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average cost of $10.26 per share, for a total transaction of $1,350,092.88. Following the completion of the transaction, the insider now directly owns 12,769,676 shares in the company, valued at $131,016,875.76. This represents a 1.04% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 10% 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 acquired at an average cost of $9.93 per share, with a total value of $2,780,400.00.
- On Thursday, June 12th, Coliseum Capital Management, L purchased 240,000 shares of Sonos stock. The shares were acquired at an average cost of $10.21 per share, for a total transaction of $2,450,400.00.
- On Monday, April 7th, Coliseum Capital Management, L acquired 62,506 shares of Sonos stock. The stock was acquired at an average price of $8.38 per share, with a total value of $523,800.28.
- On Thursday, April 3rd, Coliseum Capital Management, L bought 147,157 shares of Sonos stock. The shares were bought at an average price of $9.17 per share, for a total transaction of $1,349,429.69.
Sonos Stock Performance
Shares of Sonos stock traded down $0.14 on Thursday, hitting $9.93. 1,650,273 shares of the company's stock were exchanged, compared to its average volume of 1,977,240. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.89. The company has a 50-day simple moving average of $9.66 and a 200-day simple moving average of $11.94. The stock has a market capitalization of $1.19 billion, a PE ratio of -16.83 and a beta of 2.06.
Sonos declared that its board has authorized a stock buyback plan on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.
Institutional Trading of Sonos
Several hedge funds have recently bought and sold shares of the stock. AlphaQuest LLC purchased a new position in shares of Sonos in the first quarter valued at $29,000. SBI Securities Co. Ltd. purchased a new stake in Sonos during the fourth quarter valued at $30,000. Mountain Hill Investment Partners Corp. bought a new position in Sonos during the fourth quarter valued at $31,000. Smartleaf Asset Management LLC grew its stake in shares of Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after buying an additional 1,721 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in shares of Sonos by 38.8% in 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. Institutional investors own 85.82% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on SONO. Rosenblatt Securities reduced their price target on shares of Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group cut their price target on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, April 7th.
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About Sonos
(
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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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