Sleep Number (NASDAQ:SNBR) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Sleep Number (NASDAQ:SNBR) from a buy rating to a hold rating in a report published on Friday morning.

Separately, Piper Sandler decreased their price objective 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

SNBR opened at $18.67 on Friday. The stock has a market capitalization of $417.67 million, a PE ratio of -10.31 and a beta of 2.08. Sleep Number has a one year low of $8.13 and a one year high of $20.75. The business’s 50 day moving average price is $14.87 and its 200 day moving average price is $13.63.

Insider Buying and Selling

In other news, major shareholder Stadium Capital Management Llc purchased 25,325 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was bought at an average price of $14.90 per share, for a total transaction of $377,342.50. Following the completion of the purchase, the insider now directly owns 2,120,000 shares of the company’s stock, valued at $31,588,000. The trade was a 1.21 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders purchased 169,373 shares of company stock valued at $2,305,052 in the last three months. 6.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sleep Number

A number of large investors have recently modified their holdings of SNBR. Quarry LP purchased a new stake in shares of Sleep Number during the 2nd quarter worth $43,000. GAMMA Investing LLC lifted its holdings in Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after buying an additional 784 shares during the last quarter. XTX Topco Ltd purchased a new stake in Sleep Number during the 2nd quarter worth about $128,000. Susquehanna Fundamental Investments LLC boosted its position in shares of Sleep Number by 6.2% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after acquiring an additional 1,100 shares in the last quarter. Finally, Maverick Capital Ltd. increased its holdings in shares of Sleep Number by 17.4% in the 2nd quarter. Maverick Capital Ltd. now owns 20,136 shares of the company’s stock valued at $193,000 after acquiring an additional 2,980 shares during the last quarter. 85.67% of the stock is owned by hedge funds and other institutional investors.

About Sleep Number

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.