Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Acquires 62,506 Shares

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L acquired 62,506 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were acquired at an average price of $8.38 per share, for a total transaction of $523,800.28. Following the acquisition, the insider now directly owns 12,118,088 shares of the company’s stock, valued at approximately $101,549,577.44. The trade was a 0.52 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 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 Thursday, April 3rd, Coliseum Capital Management, L bought 147,157 shares of Sonos stock. The shares were acquired at an average price of $9.17 per share, for a total transaction of $1,349,429.69.

Sonos Price Performance

SONO stock traded down $0.03 during trading on Monday, reaching $8.57. 3,479,467 shares of the stock traded hands, compared to its average volume of 1,876,562. The firm has a market capitalization of $1.02 billion, a PE ratio of -15.04 and a beta of 2.01. The business’s 50 day moving average price is $12.38 and its 200-day moving average price is $13.17. Sonos, Inc. has a 52-week low of $7.95 and a 52-week high of $18.48.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. On average, equities research analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current year.

Sonos announced that its board has initiated a stock repurchase program on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently commented on SONO shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Sonos in a research note on Friday, February 7th. Jefferies Financial Group lowered their target price on shares of Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a report on Monday.

Institutional Investors Weigh In On Sonos

Several large investors have recently made changes to their positions in SONO. SBI Securities Co. Ltd. acquired a new position in shares of Sonos during the 4th quarter valued at $30,000. Mountain Hill Investment Partners Corp. purchased a new position in Sonos in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC lifted its stake 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 purchasing an additional 1,721 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after buying an additional 1,352 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Sonos in the fourth quarter valued at about $84,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

About Sonos

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.