Coliseum Capital Management, L Acquires 240,000 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L acquired 240,000 shares of the company’s stock in a transaction on Thursday, June 12th. The shares were purchased at an average cost of $10.21 per share, with a total value of $2,450,400.00. Following the completion of the purchase, the insider now directly owns 12,358,088 shares of the company’s stock, valued at $126,176,078.48. This trade represents a 1.98% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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, June 16th, Coliseum Capital Management, L acquired 131,588 shares of Sonos stock. The shares were purchased at an average cost of $10.26 per share, with a total value of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L acquired 280,000 shares of Sonos stock. The shares were purchased at an average cost of $9.93 per share, with a total value of $2,780,400.00.
• On Monday, April 7th, Coliseum Capital Management, L acquired 62,506 shares of Sonos stock. The shares were purchased at an average cost of $8.38 per share, with a total value of $523,800.28.
• On Thursday, April 3rd, Coliseum Capital Management, L acquired 147,157 shares of Sonos stock. The shares were purchased at an average cost of $9.17 per share, with a total value of $1,349,429.69.

Sonos Trading Down 2.9%

NASDAQ:SONO opened at $10.07 on Wednesday. Sonos, Inc. has a twelve month low of $7.63 and a twelve month high of $15.89. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -17.07 and a beta of 2.06. The stock has a fifty day simple moving average of $9.64 and a 200-day simple moving average of $11.95.

Sonos announced that its board has authorized a stock repurchase program on Monday, February 24th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

SONO has been the subject of several recent analyst reports. Rosenblatt Securities dropped their price objective on shares of Sonos from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Jefferies Financial Group dropped their price objective on shares of Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, April 7th.

Institutional Trading of Sonos

Several institutional investors and hedge funds have recently made changes to their positions in SONO. AlphaQuest LLC bought a new stake in shares of Sonos during the first quarter worth $29,000. SBI Securities Co. Ltd. bought a new stake in shares of Sonos in the fourth quarter valued at about $30,000. Mountain Hill Investment Partners Corp. bought a new stake in shares of Sonos in the fourth quarter valued at about $31,000. Smartleaf Asset Management LLC raised its holdings in shares of Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after acquiring an additional 1,721 shares in the last quarter. Finally, Headlands Technologies LLC raised its holdings in shares of Sonos by 38.8% in the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company’s stock valued at $83,000 after acquiring an additional 2,168 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

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.