Sonos (NASDAQ:SONO) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen has upgraded Sonos (NASDAQ:SONO) from a "sell" rating to a "hold" rating, reflecting a shift in analyst sentiment towards the stock.
• Recent price targets for Sonos have been lowered, with Jefferies setting a target of $13.00 and Rosenblatt Securities at $15.00, while the stock's consensus rating remains at "Hold" with an average target price of $12.25.
• Insider transactions revealed that Coliseum Capital Management purchased 675,000 shares of Sonos, increasing its ownership and indicating confidence in the company's future.

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

A number of other research analysts have also recently commented on the company. Rosenblatt Securities cut their target price on Sonos from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Jefferies Financial Group decreased their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note 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 assigned a buy rating to the company. Based on data from MarketBeat, Sonos presently has an average rating of "Hold" and an average price target of $12.25.

Sonos Trading Up 4.9%

Shares of SONO traded up $0.51 on Friday, reaching $10.87. 1,507,350 shares of the company's stock traded hands, compared to its average volume of 1,945,534. The stock has a market cap of $1.31 billion, a PE ratio of -18.42 and a beta of 2.04. The stock's 50 day simple moving average is $10.57 and its two-hundred day simple moving average is $11.05. Sonos has a 52-week low of $7.63 and a 52-week high of $15.89.

Insider Transactions at Sonos

In other news, major shareholder Coliseum Capital Management, L acquired 675,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $11.25 per share, with a total value of $7,593,750.00. Following the acquisition, the insider owned 14,505,191 shares in the company, valued at approximately $163,183,398.75. This represents a 4.88% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders acquired 2,387,103 shares of company stock valued at $25,629,973. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. AlphaQuest LLC bought a new stake in Sonos during the first quarter valued at about $29,000. Nisa Investment Advisors LLC grew its stake in shares of Sonos by 65.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company's stock worth $35,000 after purchasing an additional 1,269 shares during the period. Farther Finance Advisors LLC boosted its position in Sonos by 222.7% during the second quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company's stock worth $40,000 after purchasing an additional 2,563 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Sonos by 96.3% in the second quarter. GAMMA Investing LLC now owns 6,035 shares of the company's stock valued at $65,000 after acquiring an additional 2,961 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in Sonos by 38.8% during the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after buying an additional 2,168 shares in the last quarter. Institutional investors own 85.82% of the company's stock.

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.