Insider Buying: Sonos (NASDAQ:SONO) Major Shareholder Acquires $4,048,485.40 in Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 257,210 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were bought at an average price of $15.74 per share, for a total transaction of $4,048,485.40. Following the completion of the transaction, the insider directly owned 16,020,563 shares in the company, valued at approximately $252,163,661.62. This trade represents a 1.63% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s stock 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 bought 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 bought 100,000 shares of Sonos stock. The stock was bought 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 stock was bought at an average price of $16.49 per share, for a total transaction of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L purchased 211,530 shares of Sonos stock. The shares were purchased at an average cost of $16.29 per share, with a total value of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L acquired 494,719 shares of Sonos stock. The stock was purchased at an average cost of $15.50 per share, for a total transaction of $7,668,144.50.

Sonos Stock Down 0.3%

Shares of NASDAQ:SONO opened at $15.66 on Friday. The company has a market cap of $1.89 billion, a PE ratio of -92.12 and a beta of 2.05. The company’s 50-day moving average price is $16.58 and its 200 day moving average price is $16.06. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82.

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

Institutional Investors Weigh In On Sonos

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hantz Financial Services Inc. boosted 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 purchasing an additional 1,330 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Sonos by 65.6% during the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock worth $35,000 after buying an additional 1,269 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Sonos by 699.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after buying an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. acquired a new position in Sonos in the fourth quarter worth approximately $50,000. Finally, Quarry LP increased its holdings in shares of Sonos by 485.8% in the third quarter. Quarry LP now owns 3,251 shares of the company’s stock valued at $51,000 after buying an additional 2,696 shares in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on SONO. Jefferies Financial Group boosted their price target on Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 target price on shares of Sonos in a research report on Monday, February 2nd. Zacks Research upgraded shares of Sonos from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a report on Thursday, January 22nd. 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.