Wedbush Reiterates Neutral Rating for Sleep Number (NASDAQ:SNBR)

Sleep Number (NASDAQ:SNBR)‘s stock had its “neutral” rating reaffirmed by Wedbush in a research note issued on Wednesday, Benzinga reports. They currently have a $13.50 price target on the stock. Wedbush’s price objective would suggest a potential upside of 1.66% from the company’s previous close.

Sleep Number Trading Up 0.8 %

SNBR opened at $13.28 on Wednesday. The stock has a 50-day moving average price of $14.05 and a 200-day moving average price of $14.16. Sleep Number has a 12-month low of $9.00 and a 12-month high of $39.98. The stock has a market capitalization of $296.54 million, a P/E ratio of -19.53 and a beta of 1.96.

Sleep Number (NASDAQ:SNBR) last issued its earnings results on Thursday, February 22nd. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.32. The company had revenue of $429.52 million during the quarter, compared to analysts’ expectations of $415.70 million. Sleep Number had a negative return on equity of 1.05% and a negative net margin of 0.81%. On average, equities research analysts predict that Sleep Number will post -0.34 EPS for the current year.

Institutional Investors Weigh In On Sleep Number

Several institutional investors have recently bought and sold shares of SNBR. Stadium Capital Management LLC lifted its holdings in Sleep Number by 51.2% in the 3rd quarter. Stadium Capital Management LLC now owns 2,002,227 shares of the company’s stock worth $49,235,000 after buying an additional 678,001 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Sleep Number in the 1st quarter worth approximately $11,730,000. Partnership Wealth Management LLC bought a new position in shares of Sleep Number in the 4th quarter worth approximately $3,836,000. Verition Fund Management LLC raised its position in shares of Sleep Number by 1,401.7% in the 4th quarter. Verition Fund Management LLC now owns 251,616 shares of the company’s stock worth $3,731,000 after acquiring an additional 234,861 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Sleep Number by 588.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 239,838 shares of the company’s stock worth $5,898,000 after acquiring an additional 205,015 shares in the last quarter. 85.67% of the stock is currently owned by hedge funds and other institutional investors.

Sleep Number Company Profile

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.