Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Buys 111,898 Shares

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 111,898 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were purchased at an average cost of $10.34 per share, with a total value of $1,157,025.32. Following the completion of the acquisition, the insider now directly owns 13,193,104 shares in the company, valued at approximately $136,416,695.36. The trade was a 0.86% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 23rd, Coliseum Capital Management, L bought 73,530 shares of Sonos stock. The stock was acquired at an average cost of $9.89 per share, for a total transaction of $727,211.70.
• On Friday, June 20th, Coliseum Capital Management, L purchased 238,000 shares of Sonos stock. The shares were acquired at an average cost of $9.92 per share, with a total value of $2,360,960.00.
• On Monday, June 16th, Coliseum Capital Management, L acquired 131,588 shares of Sonos stock. The stock was 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 Thursday, June 12th, Coliseum Capital Management, L purchased 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 purchased 62,506 shares of Sonos stock. The stock was bought at an average cost 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 shares were acquired at an average cost of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Trading Up 1.9%

Shares of Sonos stock traded up $0.20 during trading on Friday, hitting $10.73. 881,603 shares of the stock were exchanged, compared to its average volume of 1,980,417. The company has a fifty day moving average price of $9.93 and a 200-day moving average price of $11.77. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -18.06 and a beta of 2.06. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $15.89.

Hedge Funds Weigh In On Sonos

A number of hedge funds and other institutional investors have recently bought and sold shares of SONO. Strs Ohio acquired a new stake in shares of Sonos in the first quarter valued at approximately $147,000. Intech Investment Management LLC raised its stake in Sonos by 38.5% in the 1st quarter. Intech Investment Management LLC now owns 151,152 shares of the company's stock valued at $1,613,000 after acquiring an additional 42,006 shares during the period. Bayforest Capital Ltd acquired a new stake in Sonos during the 1st quarter valued at $1,142,000. SCS Capital Management LLC acquired a new stake in Sonos during the 1st quarter valued at $1,229,000. Finally, Jones Financial Companies Lllp boosted its position in Sonos by 22,701.2% during the first quarter. Jones Financial Companies Lllp now owns 353,190 shares of the company's stock worth $3,769,000 after purchasing an additional 351,641 shares during the period. Institutional investors own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SONO shares. Jefferies Financial Group cut 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 objective on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th.

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.