Sleep Number (NASDAQ:SNBR) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Sleep Number (NASDAQ:SNBR) from a buy rating to a hold rating in a report issued on Tuesday morning.

Separately, Piper Sandler decreased their target price on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, October 31st.

Sleep Number Stock Performance

Shares of Sleep Number stock opened at $15.57 on Tuesday. Sleep Number has a 52-week low of $8.13 and a 52-week high of $20.75. The company has a fifty day moving average of $15.38 and a 200-day moving average of $13.98. The stock has a market capitalization of $348.32 million, a price-to-earnings ratio of -8.60 and a beta of 2.09.

Insiders Place Their Bets

In related news, major shareholder Stadium Capital Management Llc acquired 11,540 shares of the stock in a transaction on Friday, November 15th. The stock was acquired at an average price of $12.71 per share, for a total transaction of $146,673.40. Following the completion of the purchase, the insider now owns 2,200,000 shares of the company’s stock, valued at $27,962,000. This represents a 0.53 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have acquired 169,373 shares of company stock worth $2,305,052. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Sleep Number

Institutional investors have recently made changes to their positions in the company. Hodges Capital Management Inc. grew its position in shares of Sleep Number by 146.6% during the 3rd quarter. Hodges Capital Management Inc. now owns 1,010,920 shares of the company’s stock valued at $18,520,000 after acquiring an additional 601,005 shares during the period. Pacific Ridge Capital Partners LLC bought a new position in shares of Sleep Number in the second quarter worth about $3,342,000. Millennium Management LLC raised its stake in shares of Sleep Number by 326.7% in the second quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after buying an additional 284,052 shares during the period. Stadium Capital Management LLC lifted its position in shares of Sleep Number by 8.8% during the 3rd quarter. Stadium Capital Management LLC now owns 2,008,367 shares of the company’s stock valued at $36,793,000 after buying an additional 162,164 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in shares of Sleep Number by 135.3% during the 2nd quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock valued at $2,249,000 after acquiring an additional 135,284 shares during the period. Hedge funds and other institutional investors own 85.67% of the company’s stock.

About Sleep Number

Sleep Number Corporation, together with its subsidiaries, offers sleep solutions and services in the United States. The company designs, manufactures, markets, retails, and services beds, pillows, sheets, and other bedding products under the Sleep Number name. It also provides smart adjustable bases under the FlextFit brand, and smart beds under the Climate 360 name.