Insider Buying: Sonos (NASDAQ:SONO) Major Shareholder Acquires $1,976,230.97 in Stock

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L bought 133,259 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were purchased at an average cost of $14.83 per share, for a total transaction of $1,976,230.97. Following the completion of the transaction, the insider owned 16,803,822 shares of the company’s stock, valued at $249,200,680.26. This represents a 0.80% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Coliseum Capital Management, L also recently made the following trade(s):

• On Monday, February 23rd, Coliseum Capital Management, L acquired 360,000 shares of Sonos stock. The shares were acquired at an average cost of $14.90 per share, with a total value of $5,364,000.00.
• On Wednesday, February 25th, Coliseum Capital Management, L purchased 118,020 shares of Sonos stock. The stock was bought at an average price of $15.25 per share, for a total transaction of $1,799,805.00.
• On Tuesday, February 17th, Coliseum Capital Management, L acquired 290,000 shares of Sonos stock. The shares were purchased 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 bought 257,210 shares of Sonos stock. The shares were acquired 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 bought at an average price of $16.11 per share, with a total value of $1,611,000.00.
• On Friday, February 6th, Coliseum Capital Management, L purchased 26,824 shares of Sonos stock. The stock was bought at an average cost of $16.49 per share, with a total value of $442,327.76.
• On Thursday, February 5th, Coliseum Capital Management, L bought 211,530 shares of Sonos stock. The shares were purchased at an average price of $16.29 per share, with a total value of $3,445,823.70.
• On Wednesday, February 4th, Coliseum Capital Management, L acquired 494,719 shares of Sonos stock. The shares were purchased at an average cost of $15.50 per share, with a total value of $7,668,144.50.

Sonos Price Performance

Shares of NASDAQ SONO opened at $15.40 on Friday. The company’s 50 day simple moving average is $16.21 and its 200 day simple moving average is $16.24. The firm has a market capitalization of $1.86 billion, a P/E ratio of -90.59 and a beta of 2.05. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $19.82.

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. The firm 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 business’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 earnings per share. Sell-side analysts expect that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SONO. Morgan Stanley set a $18.00 target price on Sonos in a research report on Wednesday, February 4th. Zacks Research raised shares of Sonos from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. Jefferies Financial Group lifted their target price on shares of Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Wall Street Zen upgraded Sonos from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $21.00 target price on shares of Sonos in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Institutional Investors Weigh In On Sonos

Hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. raised its position in shares of Sonos by 307.9% in the fourth 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. Nisa Investment Advisors LLC grew its holdings in shares of 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 purchasing an additional 1,269 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Sonos by 699.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock worth $36,000 after buying an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in Sonos during the fourth quarter worth about $50,000. Finally, Quarry LP boosted its stake 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 buying an additional 2,696 shares in the last quarter. 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.