Coliseum Capital Management, L Buys 280,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 280,000 shares of Sonos stock in a transaction that occurred on Friday, June 13th. The shares were purchased at an average cost of $9.93 per share, with a total value of $2,780,400.00. Following the purchase, the insider now owns 12,638,088 shares of the company's stock, valued at $125,496,213.84. This represents a 2.27% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, June 16th, Coliseum Capital Management, L acquired 131,588 shares of Sonos stock. The shares were acquired at an average cost of $10.26 per share, with a total value of $1,350,092.88.
• On Thursday, June 12th, Coliseum Capital Management, L bought 240,000 shares of Sonos stock. The shares were bought at an average price of $10.21 per share, with a total value of $2,450,400.00.
• On Monday, April 7th, Coliseum Capital Management, L bought 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 purchased 147,157 shares of Sonos stock. The shares were purchased at an average price of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Stock Performance

Shares of SONO stock traded down $0.14 on Thursday, hitting $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 capitalization of $1.19 billion, a price-to-earnings ratio of -16.83 and a beta of 2.06. The company's fifty day simple moving average is $9.66 and its 200 day simple moving average is $11.94. Sonos, Inc. has a one year low of $7.63 and a one year high of $15.89.

Sonos declared that its Board of Directors has initiated a share buyback plan on Monday, February 24th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 10.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. NBW Capital LLC boosted its holdings in Sonos by 42.6% during the 4th quarter. NBW Capital LLC now owns 256,134 shares of the company's stock valued at $3,852,000 after acquiring an additional 76,454 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Sonos in the fourth quarter valued at approximately $403,000. Norges Bank purchased a new stake in shares of Sonos during the fourth quarter valued at approximately $4,322,000. Raymond James Financial Inc. purchased a new stake in shares of Sonos during the fourth quarter valued at approximately $1,676,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company's stock worth $25,544,000 after purchasing an additional 119,595 shares during the last quarter. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

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