Sonos, Inc. (NASDAQ:SONO) Major Shareholder Coliseum Capital Management, L Purchases 147,157 Shares

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 147,157 shares of the firm’s stock in a transaction on Thursday, April 3rd. The shares were acquired at an average price 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 approximately $110,549,686.94. This represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 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, April 7th, Coliseum Capital Management, L acquired 62,506 shares of Sonos stock. The shares were acquired at an average cost of $8.38 per share, with a total value of $523,800.28.

Sonos Stock Down 0.3 %

Shares of SONO stock opened at $8.57 on Tuesday. The company has a market capitalization of $1.02 billion, a P/E ratio of -15.04 and a beta of 2.01. Sonos, Inc. has a 12-month low of $7.95 and a 12-month high of $18.48. The firm has a 50-day moving average price of $12.38 and a 200 day moving average price of $13.17.

Sonos (NASDAQ:SONO) last posted its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating 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%. As a group, 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 approved a stock repurchase program on Monday, February 24th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to buy up to 10.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Sonos

A number of hedge funds and other institutional investors have recently made changes to their positions in SONO. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sonos by 1.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company’s stock worth $1,030,000 after buying an additional 1,033 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after purchasing an additional 1,352 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Sonos by 4.2% during the fourth quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock valued at $614,000 after purchasing an additional 1,644 shares during the last quarter. Smartleaf Asset Management LLC increased 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 purchasing an additional 1,721 shares in the last quarter. Finally, Ironwood Investment Management LLC raised its position in Sonos by 4.0% in the 4th quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock worth $702,000 after purchasing an additional 1,782 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SONO shares. Jefferies Financial Group dropped their price target on shares of Sonos from $19.00 to $13.00 and set a “buy” rating for the company in a research report on Monday. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 target price on shares of Sonos in a report on Friday, February 7th.

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.