Insider Buying: Sonos (NASDAQ:SONO) Major Shareholder Buys 257,210 Shares of Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 257,210 shares of the business’s stock in a transaction that occurred on Friday, February 13th. The stock was acquired at an average price of $15.74 per share, for a total transaction of $4,048,485.40. Following the acquisition, the insider owned 16,020,563 shares in the company, valued at $252,163,661.62. This trade represents a 1.63% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own 10% or more 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 Tuesday, February 17th, Coliseum Capital Management, L acquired 290,000 shares of Sonos stock. The shares were acquired at an average price of $15.59 per share, with a total value of $4,521,100.00.
• On Thursday, February 12th, Coliseum Capital Management, L acquired 100,000 shares of Sonos stock. The stock was acquired 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 acquired 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 purchased 211,530 shares of Sonos stock. The stock was acquired at an average cost of $16.29 per share, for a total transaction of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L acquired 494,719 shares of Sonos stock. The stock was bought at an average cost of $15.50 per share, with a total value of $7,668,144.50.

Sonos Stock Performance

Sonos stock traded up $0.09 during midday trading on Tuesday, hitting $15.60. 2,026,075 shares of the company were exchanged, compared to its average volume of 2,193,455. The firm has a market capitalization of $1.89 billion, a PE ratio of -91.76 and a beta of 2.05. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82. The business has a fifty day simple moving average of $16.70 and a two-hundred day simple moving average of $16.07.

Sonos (NASDAQ:SONO) last released its quarterly 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 negative net margin of 1.22% and a positive return on equity of 0.82%. The company had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. During the same quarter last year, the business earned $0.64 earnings per share. The firm’s revenue was down .9% on a year-over-year basis. As a group, equities analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current year.

Institutional Trading of Sonos

Several hedge funds have recently made changes to their positions in the company. Hantz Financial Services Inc. raised its position in shares of Sonos by 307.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock valued at $31,000 after buying an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Sonos by 699.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after purchasing an additional 1,798 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of Sonos during the 4th quarter worth about $50,000. Nisa Investment Advisors LLC lifted its position in Sonos by 65.6% in the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock valued at $35,000 after buying an additional 1,269 shares during the last quarter. Finally, Quarry LP boosted its stake in Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after buying an additional 2,696 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

SONO has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sonos in a report on Thursday, January 22nd. Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Jefferies Financial Group increased their target price on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price target on shares of Sonos in a research note on Monday, February 2nd. Finally, Wall Street Zen raised Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. One investment 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 given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.00.

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.