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

StockNews.com cut shares of Sleep Number (NASDAQ:SNBR) from a buy rating to a hold rating in a research note issued to investors on Monday.

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

Sleep Number Stock Performance

Shares of SNBR stock opened at $14.86 on Monday. The firm’s 50-day moving average is $15.62 and its 200-day moving average is $13.65. The stock has a market cap of $332.42 million, a price-to-earnings ratio of -8.21 and a beta of 2.08. Sleep Number has a 52-week low of $8.13 and a 52-week high of $20.75.

Insider Buying and Selling at Sleep Number

In related news, major shareholder Stadium Capital Management Llc purchased 36,097 shares of the stock in a transaction on Monday, November 4th. The shares were purchased at an average cost of $13.09 per share, with a total value of $472,509.73. Following the acquisition, the insider now directly owns 2,054,802 shares in the company, valued at $26,897,358.18. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have purchased a total of 95,508 shares of company stock valued at $1,294,316 in the last three months. 6.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Van Lanschot Kempen Investment Management N.V. raised its holdings in Sleep Number by 7.7% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 968,810 shares of the company’s stock valued at $9,272,000 after acquiring an additional 69,133 shares during the period. Hodges Capital Management Inc. increased its holdings in shares of Sleep Number by 138.5% during the second quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock worth $3,923,000 after purchasing an additional 238,015 shares during the period. Millennium Management LLC increased its holdings in shares of Sleep Number by 326.7% during the second 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 period. SW Investment Management LLC increased its holdings in shares of Sleep Number by 16.7% during the second quarter. SW Investment Management LLC now owns 350,000 shares of the company’s stock worth $3,350,000 after purchasing an additional 50,000 shares during the period. Finally, Pacific Ridge Capital Partners LLC bought a new position in shares of Sleep Number during the second quarter worth approximately $3,342,000. 85.67% of the stock is owned by 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.