Sonos, Inc. (NASDAQ:SONO) Major Shareholder Buys $1,157,025.32 in Stock

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 111,898 shares of the stock in a transaction on Tuesday, June 24th. The shares were purchased at an average price of $10.34 per share, with a total value of $1,157,025.32. Following the completion of the transaction, the insider now owns 13,193,104 shares of the company's stock, valued at approximately $136,416,695.36. This represents a 0.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own more than 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 Monday, June 23rd, Coliseum Capital Management, L acquired 73,530 shares of Sonos stock. The shares were purchased at an average price of $9.89 per share, with a total value of $727,211.70.
• On Friday, June 20th, Coliseum Capital Management, L acquired 238,000 shares of Sonos stock. The shares were purchased at an average price 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 shares were purchased 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 acquired 280,000 shares of Sonos stock. The shares were purchased 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 bought 240,000 shares of Sonos stock. The shares were bought 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 bought 62,506 shares of Sonos stock. The shares were bought at an average cost of $8.38 per share, for a total transaction 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 cost of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Stock Performance

SONO traded up $0.28 during trading on Tuesday, reaching $10.34. 2,176,594 shares of the stock traded hands, compared to its average volume of 1,977,801. The stock's 50-day moving average is $9.77 and its 200 day moving average is $11.81. Sonos, Inc. has a 12 month low of $7.63 and a 12 month high of $15.89.

Sonos announced that its Board of Directors has approved a share buyback plan on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SONO. Rosenblatt Securities reduced their price objective on shares of Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research note 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 on the stock in a research note on Monday, April 7th.

Institutional Trading of Sonos

A number of institutional investors have recently bought and sold shares of the company. Strs Ohio bought a new stake in Sonos during the first quarter valued at $147,000. Intech Investment Management LLC boosted its position in Sonos by 38.5% during the first 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 last quarter. Bayforest Capital Ltd bought a new stake in Sonos during the first quarter valued at $1,142,000. SCS Capital Management LLC bought a new stake in Sonos during the first 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 valued at $3,769,000 after acquiring an additional 351,641 shares during the last quarter. Institutional investors own 85.82% of the company's stock.

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.

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