Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Acquires 280,000 Shares

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 280,000 shares of the business's stock in a transaction on Friday, June 13th. The stock was acquired at an average cost of $9.93 per share, with a total value of $2,780,400.00. Following the acquisition, the insider now directly owns 12,638,088 shares in the company, valued at approximately $125,496,213.84. This trade represents a 2.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Large shareholders that own more than 10% of a company's shares 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 bought 131,588 shares of Sonos stock. The stock was purchased at an average price 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 stock was purchased 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 purchased 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 bought 147,157 shares of Sonos stock. The stock was purchased at an average price of $9.17 per share, with a total value of $1,349,429.69.

Sonos Stock Down 1.4%

NASDAQ SONO traded down $0.14 on Thursday, hitting $9.93. The company's stock had a trading volume of 1,650,273 shares, compared to its average volume of 1,977,240. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $15.89. The company's 50-day moving average is $9.66 and its 200 day moving average is $11.94. The firm has a market cap of $1.19 billion, a PE ratio of -16.83 and a beta of 2.06.

Sonos declared that its Board of Directors has initiated a stock buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Sonos

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. bought a new stake in shares of Sonos in the 4th quarter valued at $30,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Sonos in the 4th quarter valued at $31,000. Smartleaf Asset Management LLC boosted its stake 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 purchasing an additional 1,721 shares during the last quarter. AlphaQuest LLC bought a new stake in shares of Sonos in the 1st quarter valued at $29,000. Finally, Headlands Technologies LLC bought a new stake in shares of Sonos in the 4th quarter valued at $84,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Rosenblatt Securities lowered their price objective on shares of Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group lowered their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, April 7th.

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.