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

Sonos, Inc. (NASDAQ:SONO) major shareholder Coliseum Capital Management, L purchased 147,157 shares of the stock in a transaction that occurred on Thursday, April 3rd. The stock was bought at an average cost of $9.17 per share, for a total transaction of $1,349,429.69. Following the acquisition, the insider now directly owns 12,055,582 shares in the company, valued at $110,549,686.94. This trade represents a 1.24 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Major shareholders that own 10% or more of a company’s shares 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 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.

Sonos Price Performance

Shares of SONO traded down $0.03 during midday trading on Monday, hitting $8.57. 3,479,467 shares of the company traded hands, compared to its average volume of 1,876,562. Sonos, Inc. has a one year low of $7.95 and a one year high of $18.48. The firm has a market cap of $1.02 billion, a P/E ratio of -15.04 and a beta of 2.01. The stock has a 50-day moving average of $12.38 and a 200-day moving average of $13.17.

Sonos (NASDAQ:SONO) last posted its 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%. Sell-side analysts forecast that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos announced that its Board of Directors has initiated a share buyback program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Sonos

Several large investors have recently added to or reduced their stakes in SONO. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos in the 4th quarter valued at about $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in Sonos in the fourth quarter valued at approximately $31,000. Smartleaf Asset Management LLC raised its stake in 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. GAMMA Investing LLC lifted its holdings in shares of Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after acquiring an additional 1,352 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Sonos during the fourth quarter worth about $84,000. Institutional investors own 85.82% of the company’s stock.

Wall Street Analysts Forecast Growth

SONO has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Sonos in a research report on Friday, February 7th. Jefferies Financial Group dropped their price objective on shares of Sonos from $19.00 to $13.00 and set a “buy” rating on the stock in a report on Monday.

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.