Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Purchases 240,000 Shares

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L bought 240,000 shares of Sonos stock in a transaction that occurred on Thursday, June 12th. The stock was purchased at an average price of $10.21 per share, for a total transaction of $2,450,400.00. Following the acquisition, the insider now directly owns 12,358,088 shares of the company’s stock, valued at $126,176,078.48. The trade was a 1.98% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, June 16th, Coliseum Capital Management, L acquired 131,588 shares of Sonos stock. The shares were bought at an average price of $10.26 per share, for a total transaction of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L acquired 280,000 shares of Sonos stock. The shares were bought at an average price of $9.93 per share, for a total transaction of $2,780,400.00.
• On Monday, April 7th, Coliseum Capital Management, L acquired 62,506 shares of Sonos stock. The shares were bought at an average price of $8.38 per share, for a total transaction of $523,800.28.
• On Thursday, April 3rd, Coliseum Capital Management, L acquired 147,157 shares of Sonos stock. The shares were bought at an average price of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $10.37 on Tuesday. Sonos, Inc. has a 1 year low of $7.63 and a 1 year high of $15.89. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -18.19 and a beta of 2.06. The stock’s 50-day simple moving average is $9.62 and its 200-day simple moving average is $11.97.

Sonos announced that its Board of Directors has initiated a share buyback program on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SONO shares. Rosenblatt Securities reduced their price objective 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 reduced their price objective on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, April 7th.

Institutional Trading of Sonos

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonos by 1.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company’s stock worth $1,030,000 after acquiring an additional 1,033 shares during the last quarter. Fox Run Management L.L.C. increased its position in shares of Sonos by 10.1% during the first quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company’s stock worth $132,000 after acquiring an additional 1,128 shares during the last quarter. Blueshift Asset Management LLC increased its position in shares of Sonos by 11.4% during the first quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company’s stock worth $143,000 after acquiring an additional 1,367 shares during the last quarter. Smartleaf Asset Management LLC increased its position 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 worth $39,000 after acquiring an additional 1,721 shares during the last quarter. Finally, Ironwood Investment Management LLC increased its position in shares of Sonos by 4.0% during the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock worth $702,000 after acquiring an additional 1,782 shares during the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Company Profile

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.