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

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L purchased 240,000 shares of Sonos stock in a transaction on Thursday, June 12th. The stock was bought at an average price of $10.21 per share, with a total value of $2,450,400.00. Following the completion of the acquisition, the insider now directly owns 12,358,088 shares of the company's stock, valued at approximately $126,176,078.48. This trade represents a 1.98% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Monday, June 16th, Coliseum Capital Management, L purchased 131,588 shares of Sonos stock. The stock was bought at an average price of $10.26 per share, with a total value of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L purchased 280,000 shares of Sonos stock. The stock was bought 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, with a total value of $523,800.28.
• On Thursday, April 3rd, Coliseum Capital Management, L acquired 147,157 shares of Sonos stock. The stock was acquired at an average cost of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Price Performance

Shares of NASDAQ SONO traded down $0.14 during mid-day 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 stock has a market cap of $1.19 billion, a P/E ratio of -16.83 and a beta of 2.06. The business has a 50-day simple moving average of $9.66 and a 200 day simple moving average of $11.94. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $15.89.

Sonos declared that its board has authorized a stock repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SONO. Principal Financial Group Inc. boosted its holdings in Sonos by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 593,671 shares of the company's stock worth $8,929,000 after purchasing an additional 20,397 shares during the last quarter. US Bancorp DE boosted its holdings in Sonos by 5.2% during the fourth quarter. US Bancorp DE now owns 43,722 shares of the company's stock worth $658,000 after purchasing an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after purchasing an additional 1,721 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Sonos during the fourth quarter worth about $30,000. Finally, NBW Capital LLC boosted its holdings in Sonos by 42.6% during the fourth quarter. NBW Capital LLC now owns 256,134 shares of the company's stock worth $3,852,000 after purchasing an additional 76,454 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SONO shares. Rosenblatt Securities reduced their price objective on shares of Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Jefferies Financial Group reduced their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th.

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.