Sonos, Inc. (NASDAQ:SONO) Major Shareholder Purchases $1,732,800.00 in Stock

Key Points

• Coliseum Capital Management purchased 160,000 shares of Sonos, Inc. for a total value of $1,732,800, increasing its ownership by 1.10% to 14,747,874 shares.
• Sonos shares recently traded down to $10.86, with a market cap of $1.30 billion and a 12-month low of $7.63.
• Analyst ratings for Sonos include two buy ratings, two hold ratings, and one sell rating, with a consensus target price set at $12.25.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L purchased 160,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were acquired at an average cost of $10.83 per share, with a total value of $1,732,800.00. Following the completion of the acquisition, the insider directly owned 14,747,874 shares in the company, valued at $159,719,475.42. The trade was a 1.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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, August 4th, Coliseum Capital Management, L bought 2,683 shares of Sonos stock. The shares were purchased at an average price of $10.49 per share, for a total transaction of $28,144.67.
• On Friday, August 1st, Coliseum Capital Management, L purchased 80,000 shares of Sonos stock. The stock was bought at an average price of $10.38 per share, for a total transaction of $830,400.00.
• On Tuesday, July 29th, Coliseum Capital Management, L purchased 675,000 shares of Sonos stock. The stock was bought at an average price of $11.25 per share, for a total transaction of $7,593,750.00.
• On Monday, July 28th, Coliseum Capital Management, L purchased 350,000 shares of Sonos stock. The stock was bought at an average price 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 bought 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 purchased 111,898 shares of Sonos stock. The stock was bought 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, for a total transaction of $727,211.70.
• On Friday, June 20th, Coliseum Capital Management, L bought 238,000 shares of Sonos stock. The shares were acquired at an average price of $9.92 per share, for a total transaction of $2,360,960.00.
• On Monday, June 16th, Coliseum Capital Management, L bought 131,588 shares of Sonos stock. The shares were 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 bought 280,000 shares of Sonos stock. The shares were acquired at an average price of $9.93 per share, for a total transaction of $2,780,400.00.

Sonos Trading Down 0.1%

Shares of NASDAQ:SONO traded down $0.01 during trading on Tuesday, hitting $10.86. 2,356,336 shares of the stock were exchanged, compared to its average volume of 1,948,329. The company has a fifty day moving average price of $10.59 and a two-hundred day moving average price of $11.02. The company has a market cap of $1.30 billion, a PE ratio of -18.41 and a beta of 2.04. Sonos, Inc. has a 12-month low of $7.63 and a 12-month high of $15.89.

Institutional Investors Weigh In On Sonos

Several institutional investors have recently modified their holdings of SONO. Bryce Point Capital LLC purchased a new stake in Sonos in the 2nd quarter valued at approximately $182,000. Corton Capital Inc. purchased a new stake in Sonos in the 2nd quarter valued at approximately $208,000. Teacher Retirement System of Texas lifted its stake in Sonos by 25.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company's stock valued at $240,000 after buying an additional 4,530 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Sonos by 620.4% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company's stock valued at $2,001,000 after buying an additional 159,448 shares in the last quarter. Finally, Transcend Capital Advisors LLC purchased a new stake in Sonos in the 2nd quarter valued at approximately $119,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

Analyst Upgrades and Downgrades

SONO has been the topic of several recent analyst reports. Rosenblatt Securities dropped their target price on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Jefferies Financial Group dropped their target price on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $12.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.