Sonos (NASDAQ:SONO) Trading 4.6% Higher Following Insider Buying Activity

Sonos, Inc. (NASDAQ:SONO - Get Free Report) shares were up 4.6% on Wednesday after an insider bought additional shares in the company. The stock traded as high as $10.74 and last traded at $10.82. Approximately 165,548 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,971,173 shares. The stock had previously closed at $10.34.

Specifically, major shareholder Coliseum Capital Management, L bought 111,898 shares of the stock in a transaction dated Tuesday, June 24th. The stock was bought at an average price of $10.34 per share, for a total transaction of $1,157,025.32. Following the completion of the acquisition, the insider now directly owns 13,193,104 shares in the company, valued at approximately $136,416,695.36. This trade represents a 0.86% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Coliseum Capital Management, L acquired 73,530 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was purchased at an average price of $9.89 per share, with a total value of $727,211.70. Following the purchase, the insider now owns 13,081,206 shares in the company, valued at approximately $129,373,127.34. The trade was a 0.57% increase in their position. The disclosure for this purchase can be found here. In other Sonos news, major shareholder Coliseum Capital Management, L bought 238,000 shares of the business's stock in a transaction dated Friday, June 20th. The shares were purchased at an average price of $9.92 per share, for a total transaction of $2,360,960.00. Following the purchase, the insider now directly owns 13,007,676 shares of the company's stock, valued at approximately $129,036,145.92. This represents a 1.86% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Rosenblatt Securities dropped their price target on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Jefferies Financial Group cut their price target 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.

Sonos Stock Performance

The firm has a market cap of $1.29 billion, a P/E ratio of -18.28 and a beta of 2.06. The firm has a 50 day simple moving average of $9.82 and a 200 day simple moving average of $11.80.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. NBW Capital LLC raised its position in shares of Sonos by 42.6% in the fourth quarter. NBW Capital LLC now owns 256,134 shares of the company's stock worth $3,852,000 after buying an additional 76,454 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Sonos during the fourth quarter worth about $403,000. Norges Bank bought a new position in shares of Sonos in the fourth quarter worth approximately $4,322,000. Raymond James Financial Inc. bought a new stake in Sonos during the fourth quarter valued at approximately $1,676,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Sonos by 7.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,698,371 shares of the company's stock worth $25,544,000 after buying an additional 119,595 shares in the last quarter. 85.82% of the stock is 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.

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