Insider Buying: Sonos (NASDAQ:SONO) Major Shareholder Acquires 118,020 Shares of Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L acquired 118,020 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was acquired at an average cost of $15.25 per share, for a total transaction of $1,799,805.00. Following the completion of the purchase, the insider directly owned 16,921,842 shares in the company, valued at $258,058,090.50. This trade represents a 0.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large 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 24th, Coliseum Capital Management, L acquired 133,259 shares of Sonos stock. The shares were bought at an average cost of $14.83 per share, with a total value of $1,976,230.97.
• On Tuesday, February 17th, Coliseum Capital Management, L acquired 290,000 shares of Sonos stock. The stock was bought at an average price of $15.59 per share, with a total value of $4,521,100.00.
• On Friday, February 13th, Coliseum Capital Management, L acquired 257,210 shares of Sonos stock. The shares were bought 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 purchased 100,000 shares of Sonos stock. The shares were purchased 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 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 price 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 acquired at an average price of $15.50 per share, with a total value of $7,668,144.50.

Sonos Stock Up 4.1%

SONO traded up $0.60 during trading on Wednesday, hitting $15.40. 1,392,723 shares of the company’s stock were exchanged, compared to its average volume of 2,391,958. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82. The stock has a market cap of $1.86 billion, a P/E ratio of -90.59 and a beta of 2.05. The business’s 50 day moving average is $16.32 and its two-hundred day moving average is $16.21.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $545.66 million during the quarter, compared to analysts’ expectations of $536.93 million. During the same period last year, the company earned $0.64 earnings per share. The business’s revenue was down .9% on a year-over-year basis. On average, sell-side analysts forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Jefferies Financial Group raised 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. 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. Finally, Wall Street Zen upgraded 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 given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $20.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SONO. Hantz Financial Services Inc. grew its stake in Sonos by 307.9% in 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 during the period. Northwestern Mutual Wealth Management Co. grew its position in Sonos by 699.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after buying an additional 1,798 shares during the period. Daiwa Securities Group Inc. bought a new position in Sonos during the fourth quarter valued at about $50,000. Nisa Investment Advisors LLC increased 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 during the last quarter. Finally, Quarry LP raised its position in Sonos by 485.8% in 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 period. Hedge funds and other 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.