Tectonic Advisors LLC Sells 7,686 Shares of Sleep Number Co. (NASDAQ:SNBR)

Tectonic Advisors LLC cut its position in shares of Sleep Number Co. (NASDAQ:SNBR) by 10.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,394 shares of the company’s stock after selling 7,686 shares during the quarter. Tectonic Advisors LLC owned about 0.31% of Sleep Number worth $1,042,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stadium Capital Management LLC lifted its position in Sleep Number by 8.8% during the third 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 during the period. Hodges Capital Management Inc. lifted its position in Sleep Number by 22.7% during the 4th quarter. Hodges Capital Management Inc. now owns 1,240,507 shares of the company’s stock valued at $18,905,000 after acquiring an additional 229,587 shares during the period. Geode Capital Management LLC boosted its stake in Sleep Number by 3.6% during the third quarter. Geode Capital Management LLC now owns 518,045 shares of the company’s stock worth $9,493,000 after acquiring an additional 18,182 shares in the last quarter. State Street Corp grew its holdings in Sleep Number by 0.6% in the third quarter. State Street Corp now owns 440,547 shares of the company’s stock worth $8,071,000 after purchasing an additional 2,472 shares during the period. Finally, Millennium Management LLC increased its stake 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 valued at $3,550,000 after purchasing an additional 284,052 shares in the last quarter. 85.67% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Piper Sandler dropped their price target on Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. StockNews.com raised Sleep Number from a “hold” rating to a “buy” rating in a report on Thursday, January 9th.

Insider Activity at Sleep Number

In related news, major shareholder Stadium Capital Management Llc bought 22,000 shares of the stock in a transaction on Wednesday, November 13th. The shares were acquired at an average price of $13.86 per share, for a total transaction of $304,920.00. Following the purchase, the insider now owns 2,171,860 shares of the company’s stock, valued at approximately $30,101,979.60. The trade was a 1.02 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have acquired 73,865 shares of company stock valued at $1,010,736. 6.80% of the stock is owned by corporate insiders.

Sleep Number Stock Performance

Shares of NASDAQ SNBR opened at $18.00 on Thursday. The firm’s 50 day moving average price is $16.97 and its 200-day moving average price is $15.23. Sleep Number Co. has a 52-week low of $8.13 and a 52-week high of $20.75. The company has a market cap of $402.66 million, a PE ratio of -9.94 and a beta of 2.08.

Sleep Number 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.