Coliseum Capital Management, L Buys 240,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 240,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was acquired at an average price of $10.21 per share, with a total value of $2,450,400.00. Following the acquisition, the insider now owns 12,358,088 shares in the company, valued at approximately $126,176,078.48. This trade represents a 1.98% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Coliseum Capital Management, L also recently made the following trade(s):

• On Monday, June 16th, Coliseum Capital Management, L bought 131,588 shares of Sonos stock. The shares were acquired at an average cost of $10.26 per share, for a total transaction of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L bought 280,000 shares of Sonos stock. The shares were acquired at an average price of $9.93 per share, with a total value of $2,780,400.00.
• On Monday, April 7th, Coliseum Capital Management, L purchased 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 acquired 147,157 shares of Sonos stock. The shares were bought at an average cost of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Price Performance

SONO stock traded down $0.14 during midday trading on Thursday, hitting $9.93. The stock had a trading volume of 1,650,273 shares, compared to its average volume of 1,977,240. The business has a 50-day moving average of $9.66 and a two-hundred day moving average of $11.94. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -16.83 and a beta of 2.06. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89.

Sonos announced that its board has approved a stock repurchase program on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 10.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Sonos

A number of hedge funds and other institutional investors have recently bought and sold shares of SONO. AlphaQuest LLC purchased a new position in shares of Sonos during the first quarter valued at approximately $29,000. SBI Securities Co. Ltd. bought a new position in Sonos during the 4th quarter valued at approximately $30,000. Mountain Hill Investment Partners Corp. purchased a new position in Sonos during the fourth quarter valued at $31,000. Smartleaf Asset Management LLC raised its stake in Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock valued at $39,000 after buying an additional 1,721 shares during the last quarter. Finally, Headlands Technologies LLC boosted its holdings in Sonos by 38.8% in the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after acquiring an additional 2,168 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Rosenblatt Securities dropped their target price on shares of Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group decreased their price target on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, April 7th.

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.