Sleep Number (NASDAQ:SNBR) Lowered to “Hold” Rating by StockNews.com

Sleep Number (NASDAQ:SNBR) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Tuesday.

Separately, Piper Sandler cut their price target on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st.

Sleep Number Price Performance

Shares of Sleep Number stock opened at $16.13 on Tuesday. The company has a market capitalization of $360.84 million, a P/E ratio of -8.91 and a beta of 2.09. The business has a 50-day moving average of $15.39 and a two-hundred day moving average of $13.96. Sleep Number has a 1 year low of $8.13 and a 1 year high of $20.75.

Insider Buying and Selling

In other Sleep Number news, major shareholder Stadium Capital Management Llc bought 36,097 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average price of $13.09 per share, with a total value of $472,509.73. Following the completion of the transaction, the insider now owns 2,054,802 shares in the company, valued at approximately $26,897,358.18. This trade represents a 1.79 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders bought 169,373 shares of company stock worth $2,305,052. 6.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Sleep Number

A number of large investors have recently modified their holdings of SNBR. Hodges Capital Management Inc. increased its position in shares of Sleep Number by 146.6% in the third 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 last quarter. Pacific Ridge Capital Partners LLC bought a new position in Sleep Number in the second quarter valued at approximately $3,342,000. Millennium Management LLC increased its position in shares of Sleep Number by 326.7% during the 2nd quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after purchasing an additional 284,052 shares during the last quarter. Stadium Capital Management LLC raised its stake 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 worth $36,793,000 after purchasing an additional 162,164 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Sleep Number by 135.3% in the 2nd quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock valued at $2,249,000 after buying an additional 135,284 shares during the last quarter. 85.67% of the stock is currently owned by institutional investors and hedge funds.

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.