Wall Street Zen Downgrades Sonos (NASDAQ:SONO) to Sell

Sonos (NASDAQ:SONO - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday.

Other equities analysts also recently issued reports about the company. Rosenblatt Securities lowered their price objective on 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 target on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Sonos has an average rating of "Hold" and a consensus price target of $12.25.

Sonos Stock Performance

Shares of NASDAQ SONO traded down $0.10 during trading on Friday, hitting $10.61. 569,639 shares of the company were exchanged, compared to its average volume of 1,985,870. Sonos has a 12-month low of $7.63 and a 12-month high of $15.89. The company has a fifty day moving average price of $10.40 and a 200-day moving average price of $11.42. The firm has a market capitalization of $1.27 billion, a PE ratio of -17.99 and a beta of 2.04.

Insider Activity at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L bought 280,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was purchased at an average price of $9.93 per share, with a total value of $2,780,400.00. Following the transaction, the insider owned 12,638,088 shares in the company, valued at $125,496,213.84. This trade represents a 2.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last three months, insiders have bought 1,075,016 shares of company stock worth $10,826,090. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of Sonos

Several institutional investors and hedge funds have recently bought and sold shares of the company. KLP Kapitalforvaltning AS bought a new position in Sonos during the fourth quarter worth $403,000. Norges Bank bought a new stake in Sonos in the fourth quarter valued at $4,322,000. Raymond James Financial Inc. bought a new stake in Sonos in the fourth quarter valued at $1,676,000. Charles Schwab Investment Management Inc. lifted its stake in Sonos by 7.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company's stock valued at $25,544,000 after buying an additional 119,595 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in Sonos in the fourth quarter valued at $552,000. Institutional investors and hedge funds own 85.82% of the company's stock.

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.