Insider Buying: Sonos, Inc. (NASDAQ:SONO) Major Shareholder Acquires 2,683 Shares of Stock

Key Points

• Major shareholder Coliseum Capital Management purchased 2,683 shares of Sonos stock for a total of $28,144.67, increasing their ownership to approximately 14.6 million shares.
• In addition to the recent purchase, Coliseum Capital made multiple transactions in July and August, acquiring a total of over 1 million shares.
• Sonos stock is currently valued at $10.86 per share, with analysts holding a consensus rating of "Hold" and an average target price of $12.25.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L bought 2,683 shares of the business's stock in a transaction dated Monday, August 4th. The shares were bought at an average price of $10.49 per share, with a total value of $28,144.67. Following the completion of the transaction, the insider owned 14,587,874 shares in the company, valued at approximately $153,026,798.26. This trade represents a 0.02% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.

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

• On Tuesday, August 5th, Coliseum Capital Management, L bought 160,000 shares of Sonos stock. The stock was acquired at an average price of $10.83 per share, for a total transaction of $1,732,800.00.
• On Friday, August 1st, Coliseum Capital Management, L purchased 80,000 shares of Sonos stock. The shares were bought at an average price of $10.38 per share, with a total value of $830,400.00.
• On Tuesday, July 29th, Coliseum Capital Management, L acquired 675,000 shares of Sonos stock. The stock was acquired at an average price of $11.25 per share, with a total value of $7,593,750.00.
• On Monday, July 28th, Coliseum Capital Management, L bought 350,000 shares of Sonos stock. The shares were bought at an average cost of $11.43 per share, for a total transaction of $4,000,500.00.
• On Friday, July 25th, Coliseum Capital Management, L purchased 287,087 shares of Sonos stock. The stock was purchased at an average price of $11.18 per share, for a total transaction of $3,209,632.66.
• On Tuesday, June 24th, Coliseum Capital Management, L bought 111,898 shares of Sonos stock. The shares were acquired at an average price of $10.34 per share, for a total transaction of $1,157,025.32.
• On Monday, June 23rd, Coliseum Capital Management, L purchased 73,530 shares of Sonos stock. The stock was bought 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 bought 131,588 shares of Sonos stock. The stock was acquired at an average price of $10.26 per share, for a total transaction of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L acquired 280,000 shares of Sonos stock. The shares were bought at an average price of $9.93 per share, for a total transaction of $2,780,400.00.

Sonos Stock Up 2.3%

Shares of NASDAQ SONO traded up $0.26 during trading hours on Friday, reaching $11.23. 1,123,712 shares of the stock traded hands, compared to its average volume of 1,967,970. The company has a market capitalization of $1.35 billion, a P/E ratio of -17.28 and a beta of 2.04. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89. The company's 50-day simple moving average is $10.62 and its two-hundred day simple moving average is $11.00.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Sonos had a negative net margin of 5.41% and a negative return on equity of 17.89%. The company had revenue of $344.76 million for the quarter, compared to analysts' expectations of $324.66 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The company's revenue was down 13.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sonos

Hedge funds and other institutional investors have recently modified their holdings of the company. AlphaQuest LLC bought a new stake in shares of Sonos during the 1st quarter valued at $29,000. Nisa Investment Advisors LLC increased its holdings in Sonos by 65.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company's stock worth $35,000 after buying an additional 1,269 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Sonos by 222.7% in the second quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company's stock worth $40,000 after acquiring an additional 2,563 shares during the period. GAMMA Investing LLC raised its stake in Sonos by 96.3% during the 2nd quarter. GAMMA Investing LLC now owns 6,035 shares of the company's stock valued at $65,000 after buying an additional 2,961 shares during the last quarter. Finally, Headlands Technologies LLC increased its position in Sonos by 38.8% during the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock valued at $83,000 after acquiring an additional 2,168 shares during the last quarter. 85.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SONO. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Rosenblatt Securities upped their target price on shares of Sonos from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $12.75.

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.