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

Sleep Number (NASDAQ:SNBR) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

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

Sleep Number Trading Down 5.2 %

Shares of NASDAQ:SNBR opened at $14.09 on Monday. The company has a market capitalization of $315.19 million, a PE ratio of -8.07 and a beta of 2.08. Sleep Number has a 12-month low of $8.13 and a 12-month high of $20.75. The business’s fifty day simple moving average is $15.61 and its 200-day simple moving average is $13.66.

Insiders Place Their Bets

In other Sleep Number news, major shareholder Stadium Capital Management Llc acquired 36,097 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was purchased at an average price of $13.09 per share, for a total transaction of $472,509.73. Following the acquisition, the insider now owns 2,054,802 shares in the company, valued at approximately $26,897,358.18. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have bought 95,508 shares of company stock valued at $1,294,316. 6.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sleep Number

Several hedge funds and other institutional investors have recently modified their holdings of SNBR. Van Lanschot Kempen Investment Management N.V. increased its position in shares of 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% in the second quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock valued at $3,923,000 after purchasing an additional 238,015 shares during the period. Millennium Management LLC raised its stake in shares of Sleep Number by 326.7% in 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 last quarter. SW Investment Management LLC raised its stake in shares of Sleep Number by 16.7% in 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 last quarter. Finally, Pacific Ridge Capital Partners LLC acquired a new stake in shares of Sleep Number during the second quarter worth about $3,342,000. 85.67% of the stock is 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.