Coliseum Capital Management LLC Grows Position in Sonos, Inc. (NASDAQ:SONO)

Coliseum Capital Management LLC increased its stake in Sonos, Inc. (NASDAQ:SONO - Free Report) by 50.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,734,013 shares of the company's stock after acquiring an additional 3,590,782 shares during the quarter. Sonos makes up 13.3% of Coliseum Capital Management LLC's holdings, making the stock its 3rd largest holding. Coliseum Capital Management LLC owned about 8.90% of Sonos worth $161,440,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of SONO. GAMMA Investing LLC raised its holdings in Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after buying an additional 1,352 shares during the period. SG Americas Securities LLC raised its holdings in shares of Sonos by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 40,839 shares of the company's stock valued at $614,000 after acquiring an additional 1,644 shares during the period. Smartleaf Asset Management LLC lifted its position 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 valued at $39,000 after acquiring an additional 1,721 shares in the last quarter. Ironwood Investment Management LLC boosted its stake in Sonos by 4.0% in the 4th quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company's stock worth $702,000 after purchasing an additional 1,782 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in Sonos during the 4th quarter worth approximately $30,000. 85.82% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Sonos

In related news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction on Monday, April 7th. The stock was bought at an average price of $8.38 per share, with a total value of $523,800.28. Following the completion of the transaction, the insider now directly owns 12,118,088 shares of the company's stock, valued at approximately $101,549,577.44. This represents a 0.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.80% of the company's stock.

Analyst Ratings Changes

SONO has been the subject of several recent analyst reports. Jefferies Financial Group decreased their target price on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Rosenblatt Securities decreased their price objective on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday.

Sonos Stock Performance

Shares of NASDAQ:SONO traded up $0.59 during midday trading on Friday, hitting $10.43. 4,210,377 shares of the stock were exchanged, compared to its average volume of 1,966,088. The company has a market capitalization of $1.24 billion, a PE ratio of -18.30 and a beta of 2.06. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $17.65. The business's fifty day simple moving average is $9.97 and its two-hundred day simple moving average is $12.52.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. As a group, equities analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos announced that its Board of Directors has initiated a share repurchase program on Monday, February 24th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the company to reacquire up to 10.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

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.