Blue Grotto Capital LLC Decreases Stock Holdings in Sleep Number Co. (NASDAQ:SNBR)

Blue Grotto Capital LLC reduced its holdings in Sleep Number Co. (NASDAQ:SNBR) by 18.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 289,425 shares of the company’s stock after selling 63,384 shares during the quarter. Sleep Number comprises 0.8% of Blue Grotto Capital LLC’s investment portfolio, making the stock its 27th largest position. Blue Grotto Capital LLC owned approximately 1.29% of Sleep Number worth $4,411,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SNBR. Schwarz Dygos Wheeler Investment Advisors LLC increased its stake in shares of Sleep Number by 1.1% in the 4th quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 137,463 shares of the company’s stock worth $2,095,000 after acquiring an additional 1,496 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Sleep Number by 28.8% in the fourth quarter. GAMMA Investing LLC now owns 7,443 shares of the company’s stock worth $113,000 after purchasing an additional 1,664 shares during the last quarter. State Street Corp increased its position in Sleep Number by 0.6% during the third quarter. State Street Corp now owns 440,547 shares of the company’s stock valued at $8,071,000 after acquiring an additional 2,472 shares during the last quarter. Inspire Investing LLC grew its position in Sleep Number by 13.4% during the fourth quarter. Inspire Investing LLC now owns 25,917 shares of the company’s stock valued at $395,000 after buying an additional 3,071 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Sleep Number by 9.1% in the 4th quarter. Rhumbline Advisers now owns 40,128 shares of the company’s stock worth $612,000 after purchasing an additional 3,342 shares in the last quarter. 85.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNBR has been the topic of several research analyst reports. StockNews.com raised shares of Sleep Number from a “hold” rating to a “buy” rating in a report on Thursday, January 9th. Piper Sandler cut their price objective on Sleep Number from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Finally, Wedbush lowered their price target on Sleep Number from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, March 6th.

Sleep Number Stock Performance

Shares of SNBR stock opened at $6.30 on Wednesday. The firm has a market capitalization of $141.05 million, a price-to-earnings ratio of -3.48 and a beta of 2.14. Sleep Number Co. has a fifty-two week low of $6.00 and a fifty-two week high of $20.75. The stock’s 50-day simple moving average is $13.82 and its 200-day simple moving average is $15.07.

Insider Buying and Selling at Sleep Number

In related news, insider Gary T. Fazio bought 12,000 shares of the stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $7.54 per share, for a total transaction of $90,480.00. Following the completion of the purchase, the insider now directly owns 71,125 shares of the company’s stock, valued at $536,282.50. This represents a 20.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.80% of the company’s stock.

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.