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

Sleep Number (NASDAQ:SNBR) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

Separately, Piper Sandler reduced their target price 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 stock opened at $14.09 on Monday. The firm has a market cap of $315.19 million, a PE ratio of -8.07 and a beta of 2.08. The firm has a fifty day moving average price of $15.61 and a 200 day moving average price of $13.66. Sleep Number has a fifty-two week low of $8.13 and a fifty-two week high of $20.75.

Insider Activity at Sleep Number

In other news, major shareholder Stadium Capital Management Llc acquired 36,097 shares of the company’s stock in a transaction on Monday, November 4th. The stock was bought at an average cost of $13.09 per share, with a total value of $472,509.73. Following the completion of the purchase, the insider now directly owns 2,054,802 shares of the company’s stock, valued at $26,897,358.18. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have purchased 95,508 shares of company stock worth $1,294,316. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Sleep Number

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in Sleep Number in the second quarter worth $43,000. GAMMA Investing LLC grew its holdings in shares of Sleep Number by 15.7% in the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after purchasing an additional 784 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Sleep Number in the 1st quarter worth about $149,000. SG Americas Securities LLC bought a new stake in Sleep Number during the 3rd quarter valued at about $210,000. Finally, XTX Topco Ltd purchased a new stake in Sleep Number in the 2nd quarter valued at about $128,000. 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.