Insider Buying: Sleep Number Co. (NASDAQ:SNBR) Major Shareholder Acquires $146,673.40 in Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc purchased 11,540 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average price of $12.71 per share, for a total transaction of $146,673.40. Following the acquisition, the insider now owns 2,200,000 shares of the company’s stock, valued at approximately $27,962,000. The trade was a 0.53 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Stadium Capital Management Llc also recently made the following trade(s):

• On Monday, November 18th, Stadium Capital Management Llc acquired 15,000 shares of Sleep Number stock. The stock was acquired at an average cost of $12.12 per share, for a total transaction of $181,800.00.
• On Wednesday, November 13th, Stadium Capital Management Llc bought 22,000 shares of Sleep Number stock. The stock was acquired at an average cost of $13.86 per share, with a total value of $304,920.00.
• On Monday, November 11th, Stadium Capital Management Llc purchased 25,325 shares of Sleep Number stock. The shares were acquired at an average cost of $14.90 per share, for a total transaction of $377,342.50.
• On Wednesday, November 6th, Stadium Capital Management Llc acquired 400 shares of Sleep Number stock. The stock was acquired at an average price of $14.21 per share, with a total value of $5,684.00.
• On Monday, November 4th, Stadium Capital Management Llc bought 36,097 shares of Sleep Number stock. The shares were bought at an average price of $13.09 per share, for a total transaction of $472,509.73.
• On Thursday, October 31st, Stadium Capital Management Llc purchased 59,011 shares of Sleep Number stock. The shares were purchased at an average cost of $13.83 per share, for a total transaction of $816,122.13.

Sleep Number Stock Performance

Shares of Sleep Number stock opened at $11.67 on Thursday. The stock has a market cap of $261.06 million, a P/E ratio of -6.50 and a beta of 2.08. The stock’s fifty day moving average is $15.46 and its 200 day moving average is $13.63. Sleep Number Co. has a one year low of $8.13 and a one year high of $20.75.

Institutional Investors Weigh In On Sleep Number

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SNBR. Acadian Asset Management LLC boosted its position in shares of Sleep Number by 135.3% in the second quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock worth $2,249,000 after purchasing an additional 135,284 shares during the period. Pacific Ridge Capital Partners LLC purchased a new position in shares of Sleep Number during the 2nd quarter valued at $3,342,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Sleep Number by 37.1% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 32,433 shares of the company’s stock worth $490,000 after buying an additional 8,779 shares during the period. NBC Securities Inc. increased its stake in Sleep Number by 5,000.0% in the 3rd quarter. NBC Securities Inc. now owns 51,000 shares of the company’s stock worth $934,000 after buying an additional 50,000 shares in the last quarter. Finally, Federated Hermes Inc. bought a new stake in Sleep Number during the second quarter valued at about $899,000. 85.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SNBR has been the subject of a number of research reports. Piper Sandler reduced their price objective on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. StockNews.com upgraded shares of Sleep Number from a “hold” rating to a “buy” rating in a research note on Tuesday.

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.