Sonos (NASDAQ:SONO) Trading Up 4.6% on Insider Buying Activity

Sonos, Inc. (NASDAQ:SONO - Get Free Report)'s share price rose 4.6% during mid-day trading on Wednesday following insider buying activity. The company traded as high as $10.74 and last traded at $10.82. Approximately 165,548 shares traded hands during 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 purchased 111,898 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were acquired at an average price of $10.34 per share, for a total transaction of $1,157,025.32. Following the completion of the purchase, the insider now owns 13,193,104 shares in the company, valued at $136,416,695.36. The trade was a 0.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Coliseum Capital Management, L acquired 73,530 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was purchased at an average cost of $9.89 per share, with a total value of $727,211.70. Following the completion of the acquisition, the insider now owns 13,081,206 shares of the company's stock, valued at $129,373,127.34. The trade was a 0.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. In other news, major shareholder Coliseum Capital Management, L acquired 238,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was purchased at an average cost of $9.92 per share, with a total value of $2,360,960.00. Following the completion of the acquisition, the insider now directly owns 13,007,676 shares in the company, valued at $129,036,145.92. This represents a 1.86% 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.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SONO shares. Jefferies Financial Group lowered their price objective 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 lowered their price objective on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a report on Thursday, May 8th.

Sonos Price Performance

The company has a market capitalization of $1.29 billion, a P/E ratio of -18.19 and a beta of 2.06. The company has a fifty day moving average price of $9.98 and a 200 day moving average price of $11.74.

Hedge Funds Weigh In On Sonos

Several institutional investors have recently made changes to their positions in SONO. Principal Financial Group Inc. grew its holdings in shares of Sonos by 3.6% during the fourth quarter. Principal Financial Group Inc. now owns 593,671 shares of the company's stock valued at $8,929,000 after purchasing an additional 20,397 shares during the last quarter. US Bancorp DE grew its holdings in shares of Sonos by 5.2% during the fourth quarter. US Bancorp DE now owns 43,722 shares of the company's stock valued at $658,000 after purchasing an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Sonos by 191.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock valued at $39,000 after purchasing an additional 1,721 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Sonos during the fourth quarter valued at approximately $30,000. Finally, NBW Capital LLC grew its holdings in Sonos by 42.6% in the 4th 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. 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.