Insider Buying: Sonos (NASDAQ:SONO) Major Shareholder Purchases $4,521,100.00 in Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 290,000 shares of Sonos stock in a transaction that occurred on Tuesday, February 17th. The shares were purchased at an average cost of $15.59 per share, with a total value of $4,521,100.00. Following the transaction, the insider directly owned 16,310,563 shares of the company’s stock, valued at $254,281,677.17. This represents a 1.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Major shareholders that own at least 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 Friday, February 13th, Coliseum Capital Management, L bought 257,210 shares of Sonos stock. The stock was acquired at an average cost of $15.74 per share, with a total value of $4,048,485.40.
• On Thursday, February 12th, Coliseum Capital Management, L purchased 100,000 shares of Sonos stock. The shares were 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 acquired 26,824 shares of Sonos stock. The shares were acquired at an average cost of $16.49 per share, for a total transaction of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L bought 211,530 shares of Sonos stock. The stock was acquired 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 bought 494,719 shares of Sonos stock. The shares were bought at an average price of $15.50 per share, for a total transaction of $7,668,144.50.

Sonos Stock Down 0.3%

Shares of SONO stock opened at $15.66 on Friday. The company has a 50 day moving average price of $16.58 and a 200-day moving average price of $16.06. Sonos, Inc. has a 52 week low of $7.63 and a 52 week high of $19.82. The firm has a market capitalization of $1.89 billion, a PE ratio of -92.12 and a beta of 2.05.

Sonos (NASDAQ:SONO) last posted its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.08. The business had revenue of $545.66 million during the quarter, compared to the consensus estimate of $536.93 million. Sonos had a negative net margin of 1.22% and a positive return on equity of 0.82%. The firm’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. Analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current year.

Hedge Funds Weigh In On Sonos

Hedge funds have recently bought and sold shares of the business. Hantz Financial Services Inc. lifted its position in shares of Sonos by 307.9% in the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after purchasing an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in shares of Sonos by 699.6% during the fourth 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 in the last quarter. Daiwa Securities Group Inc. purchased a new position in Sonos during the 4th quarter worth $50,000. Nisa Investment Advisors LLC boosted its holdings in Sonos by 65.6% in the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock worth $35,000 after acquiring an additional 1,269 shares in the last quarter. Finally, Quarry LP grew its stake in shares of Sonos by 485.8% during the third quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after acquiring an additional 2,696 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

SONO has been the topic of several recent research reports. Morgan Stanley set a $18.00 price objective on Sonos in a research note on Wednesday, February 4th. Zacks Research upgraded shares of Sonos from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price target on shares of Sonos in a research report on Monday, February 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Sonos Company Profile

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.