Coliseum Capital Management, L Buys 360,000 Shares of Sonos (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L bought 360,000 shares of the stock in a transaction on Monday, February 23rd. The shares were bought at an average price of $14.90 per share, for a total transaction of $5,364,000.00. Following the purchase, the insider directly owned 16,670,563 shares in the company, valued at approximately $248,391,388.70. This trade represents a 2.21% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own 10% or more 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 Wednesday, February 25th, Coliseum Capital Management, L acquired 118,020 shares of Sonos stock. The shares were bought at an average cost of $15.25 per share, with a total value of $1,799,805.00.
• On Tuesday, February 24th, Coliseum Capital Management, L bought 133,259 shares of Sonos stock. The stock was bought at an average price of $14.83 per share, for a total transaction of $1,976,230.97.
• On Tuesday, February 17th, Coliseum Capital Management, L bought 290,000 shares of Sonos stock. The stock was bought at an average cost 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, with a total value of $1,611,000.00.
• On Friday, February 6th, Coliseum Capital Management, L bought 26,824 shares of Sonos stock. The stock was purchased 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 purchased 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 purchased 494,719 shares of Sonos stock. The shares were purchased at an average price of $15.50 per share, with a total value of $7,668,144.50.

Sonos Stock Up 2.3%

Shares of NASDAQ:SONO opened at $15.75 on Friday. The stock has a market capitalization of $1.90 billion, a PE ratio of -92.65 and a beta of 2.05. The firm’s 50 day moving average price is $16.27 and its 200-day moving average price is $16.21. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $19.82.

Sonos (NASDAQ:SONO) last announced its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. The business had revenue of $545.66 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $0.64 earnings per share. Analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Sonos

Several institutional investors and hedge funds have recently modified their holdings of SONO. Invesco Ltd. lifted its holdings in shares of Sonos by 3.1% in the fourth quarter. Invesco Ltd. now owns 533,132 shares of the company’s stock worth $9,362,000 after buying an additional 16,118 shares in the last quarter. Corient Private Wealth LLC increased its holdings in Sonos by 156.3% in the 4th quarter. Corient Private Wealth LLC now owns 41,424 shares of the company’s stock valued at $727,000 after acquiring an additional 25,261 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Sonos by 3.1% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 43,263 shares of the company’s stock worth $760,000 after purchasing an additional 1,318 shares in the last quarter. Summit Global Investments bought a new position in shares of Sonos during the 4th quarter valued at about $1,255,000. Finally, XTX Topco Ltd bought a new position in shares of Sonos during the 4th quarter valued at about $1,462,000. Institutional investors own 85.82% of the company’s stock.

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.