Coliseum Capital Management, L Purchases 133,259 Shares of Sonos (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L acquired 133,259 shares of the stock in a transaction dated Tuesday, February 24th. The shares were bought at an average price of $14.83 per share, with a total value of $1,976,230.97. Following the completion of the transaction, the insider directly owned 16,803,822 shares of the company’s stock, valued at $249,200,680.26. The trade was a 0.80% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Coliseum Capital Management, L also recently made the following trade(s):

• On Monday, February 23rd, Coliseum Capital Management, L bought 360,000 shares of Sonos stock. The stock was bought at an average price of $14.90 per share, for a total transaction of $5,364,000.00.
• On Wednesday, February 25th, Coliseum Capital Management, L bought 118,020 shares of Sonos stock. The shares were purchased at an average cost of $15.25 per share, with a total value of $1,799,805.00.
• On Tuesday, February 17th, Coliseum Capital Management, L purchased 290,000 shares of Sonos stock. The shares were purchased at an average price of $15.59 per share, with a total value of $4,521,100.00.
• On Friday, February 13th, Coliseum Capital Management, L purchased 257,210 shares of Sonos stock. The stock was purchased at an average price of $15.74 per share, for a total transaction of $4,048,485.40.
• On Thursday, February 12th, Coliseum Capital Management, L acquired 100,000 shares of Sonos stock. The stock was purchased at an average cost of $16.11 per share, for a total transaction of $1,611,000.00.
• On Friday, February 6th, Coliseum Capital Management, L bought 26,824 shares of Sonos stock. The shares were purchased at an average cost of $16.49 per share, with a total value of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L bought 211,530 shares of Sonos stock. The stock was purchased at an average price of $16.29 per share, for a total transaction of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L purchased 494,719 shares of Sonos stock. The shares were purchased at an average cost of $15.50 per share, for a total transaction of $7,668,144.50.

Sonos Trading Up 2.3%

Shares of Sonos stock opened at $15.75 on Friday. The business has a 50-day moving average price of $16.27 and a two-hundred day moving average price of $16.21. Sonos, Inc. has a 1-year low of $7.63 and a 1-year high of $19.82. The company has a market cap of $1.90 billion, a P/E ratio of -92.65 and a beta of 2.05.

Sonos (NASDAQ:SONO) last announced its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.85 by $0.08. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The company had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same quarter in the prior year, the company earned $0.64 EPS. The firm’s revenue for the quarter was down .9% compared to the same quarter last year. Equities research analysts forecast that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SONO shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a research note on Thursday, January 22nd. Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price objective on shares of Sonos in a report on Monday, February 2nd. Zacks Research raised shares of Sonos from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Jefferies Financial Group boosted their target price on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SONO. Y Intercept Hong Kong Ltd grew its position in Sonos by 620.4% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company’s stock worth $2,001,000 after purchasing an additional 159,448 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Sonos by 25.7% in the second quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock valued at $240,000 after acquiring an additional 4,530 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Sonos during the third quarter valued at approximately $3,658,000. Allianz Asset Management GmbH increased its position in shares of Sonos by 125.9% during the third quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock valued at $7,256,000 after acquiring an additional 255,982 shares during the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Sonos during the 3rd quarter worth $4,446,000. 85.82% of the stock is owned by institutional investors.

About Sonos

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.