Coliseum Capital Management, L Acquires 147,157 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 147,157 shares of the business’s stock in a transaction dated Thursday, April 3rd. The shares were purchased at an average cost of $9.17 per share, for a total transaction of $1,349,429.69. Following the purchase, the insider now directly owns 12,055,582 shares of the company’s stock, valued at $110,549,686.94. This trade represents a 1.24 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major 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 Monday, April 7th, Coliseum Capital Management, L bought 62,506 shares of Sonos stock. The shares were acquired at an average price of $8.38 per share, for a total transaction of $523,800.28.

Sonos Price Performance

Shares of NASDAQ:SONO opened at $8.15 on Wednesday. The firm’s 50 day simple moving average is $12.14 and its 200 day simple moving average is $13.10. Sonos, Inc. has a fifty-two week low of $7.95 and a fifty-two week high of $18.24. The company has a market capitalization of $970.53 million, a price-to-earnings ratio of -14.30 and a beta of 2.01.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. Equities research analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current year.

Sonos announced that its Board of Directors 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 purchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SONO shares. Rosenblatt Securities reissued a “buy” rating and set a $18.00 price target on shares of Sonos in a research note on Friday, February 7th. Jefferies Financial Group cut their price target on Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday.

Institutional Investors Weigh In On Sonos

A number of hedge funds have recently modified their holdings of the business. Coliseum Capital Management LLC grew its position in shares of Sonos by 50.3% in the 4th quarter. Coliseum Capital Management LLC now owns 10,734,013 shares of the company’s stock valued at $161,440,000 after purchasing an additional 3,590,782 shares during the period. Freestone Grove Partners LP acquired a new position in shares of Sonos in the fourth quarter valued at approximately $18,125,000. Point72 Asset Management L.P. acquired a new position in shares of Sonos in the fourth quarter valued at approximately $13,057,000. Wellington Management Group LLP increased its position in shares of Sonos by 23.4% during the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after acquiring an additional 626,172 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock worth $11,350,000 after acquiring an additional 504,293 shares during the period. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Company Profile

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.