Sonos (NASDAQ:SONO) Downgraded by Wall Street Zen to "Sell"

Sonos (NASDAQ:SONO - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

SONO has been the topic of a number of other research reports. Jefferies Financial Group cut their price objective on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Rosenblatt Securities cut their price target on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Sonos has a consensus rating of "Hold" and an average target price of $12.25.

Sonos Price Performance

Sonos stock traded down $0.56 during midday trading on Friday, hitting $10.53. 1,399,929 shares of the company were exchanged, compared to its average volume of 1,991,125. The company has a market cap of $1.26 billion, a PE ratio of -17.85 and a beta of 2.04. Sonos has a fifty-two week low of $7.63 and a fifty-two week high of $15.89. The company's fifty day moving average price is $10.37 and its 200-day moving average price is $11.49.

Insider Activity at Sonos

In other news, major shareholder Coliseum Capital Management, L acquired 280,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average cost of $9.93 per share, with a total value of $2,780,400.00. Following the completion of the acquisition, the insider directly owned 12,638,088 shares in the company, valued at $125,496,213.84. This represents a 2.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have bought a total of 1,075,016 shares of company stock worth $10,826,090 over the last quarter. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Sonos

A number of institutional investors have recently made changes to their positions in SONO. Mountain Hill Investment Partners Corp. bought a new stake in Sonos during the fourth quarter valued at $31,000. AlphaQuest LLC bought a new stake in shares of Sonos during the 1st quarter valued at about $29,000. Farther Finance Advisors LLC grew its position in shares of Sonos by 222.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company's stock valued at $40,000 after buying an additional 2,563 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Sonos during the 4th quarter valued at about $84,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Sonos during the 4th quarter valued at about $103,000. 85.82% of the stock is currently owned by institutional investors.

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.