Insider Buying: Sonos, Inc. (NASDAQ:SONO) Major Shareholder Buys 62,506 Shares of Stock

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction dated Monday, April 7th. The stock was bought at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the purchase, the insider now directly owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. This trade represents a 0.52 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 Thursday, April 3rd, Coliseum Capital Management, L bought 147,157 shares of Sonos stock. The shares were purchased at an average price of $9.17 per share, with a total value of $1,349,429.69.

Sonos Stock Down 3.4 %

SONO traded down $0.28 on Friday, hitting $8.00. 2,390,379 shares of the company traded hands, compared to its average volume of 1,910,843. Sonos, Inc. has a 12-month low of $7.70 and a 12-month high of $18.02. The company has a 50 day moving average of $11.71 and a 200-day moving average of $12.98. The stock has a market capitalization of $952.66 million, a PE ratio of -14.04 and a beta of 2.01.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. On average, research analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos announced that its board has authorized a share repurchase program on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 10.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SONO. Jefferies Financial Group cut their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Rosenblatt Securities restated a "buy" rating and set a $18.00 price target on shares of Sonos in a report on Friday, February 7th.

Institutional Trading of Sonos

Several large investors have recently bought and sold shares of the company. NBW Capital LLC raised its position in shares of Sonos by 42.6% during the 4th quarter. NBW Capital LLC now owns 256,134 shares of the company's stock worth $3,852,000 after purchasing an additional 76,454 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Sonos during the fourth quarter worth $403,000. Barclays PLC raised its holdings in shares of Sonos by 120.3% in 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 last quarter. Nisa Investment Advisors LLC lifted its position in shares of Sonos by 7,557.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock valued at $2,347,000 after acquiring an additional 154,011 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Sonos during the fourth quarter valued at $1,676,000. 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.