Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Buys 73,530 Shares

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L purchased 73,530 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were purchased at an average cost of $9.89 per share, for a total transaction of $727,211.70. Following the completion of the acquisition, the insider now directly owns 13,081,206 shares of the company's stock, valued at $129,373,127.34. This represents a 0.57% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own 10% or more 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 Tuesday, June 24th, Coliseum Capital Management, L purchased 111,898 shares of Sonos stock. The shares were purchased at an average cost of $10.34 per share, for a total transaction of $1,157,025.32.
• On Friday, June 20th, Coliseum Capital Management, L purchased 238,000 shares of Sonos stock. The shares were purchased at an average cost of $9.92 per share, for a total transaction of $2,360,960.00.
• On Monday, June 16th, Coliseum Capital Management, L purchased 131,588 shares of Sonos stock. The shares were purchased 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 acquired 280,000 shares of Sonos stock. The shares were bought at an average cost of $9.93 per share, for a total transaction of $2,780,400.00.
• On Thursday, June 12th, Coliseum Capital Management, L bought 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 bought 62,506 shares of Sonos stock. The stock was bought at an average price 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 purchased at an average cost of $9.17 per share, with a total value of $1,349,429.69.

Sonos Stock Performance

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

Sonos declared that its board has authorized a stock buyback program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Sonos

Several hedge funds and other institutional investors have recently modified their holdings of the business. Coliseum Capital Management LLC lifted its stake in shares of Sonos by 9.7% in the first quarter. Coliseum Capital Management LLC now owns 11,775,582 shares of the company's stock worth $125,645,000 after buying an additional 1,041,569 shares in the last quarter. Trigran Investments Inc. increased its position in Sonos by 24.0% during the first quarter. Trigran Investments Inc. now owns 5,248,935 shares of the company's stock worth $56,006,000 after purchasing an additional 1,017,223 shares during the last quarter. Wellington Management Group LLP increased its position in Sonos by 10.6% during the fourth quarter. Wellington Management Group LLP now owns 3,654,074 shares of the company's stock worth $54,957,000 after purchasing an additional 351,057 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in Sonos by 3.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 3,283,633 shares of the company's stock worth $35,036,000 after purchasing an additional 96,111 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in Sonos by 0.7% during the fourth quarter. Schroder Investment Management Group now owns 3,025,290 shares of the company's stock worth $45,591,000 after purchasing an additional 21,126 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SONO has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their target price 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 reduced their target price on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a 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.

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