Federated Hermes Inc. Buys New Shares in Sleep Number Co. (NASDAQ:SNBR)

Federated Hermes Inc. bought a new position in shares of Sleep Number Co. (NASDAQ:SNBR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 93,944 shares of the company’s stock, valued at approximately $899,000. Federated Hermes Inc. owned approximately 0.42% of Sleep Number as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Hodges Capital Management Inc. raised its holdings in shares of Sleep Number by 138.5% during the second quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock valued at $3,923,000 after acquiring an additional 238,015 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Sleep Number by 29.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 802,190 shares of the company’s stock valued at $11,896,000 after purchasing an additional 184,038 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Sleep Number by 135.3% in the second quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock worth $2,249,000 after buying an additional 135,284 shares during the period. Van Lanschot Kempen Investment Management N.V. raised its position in Sleep Number by 7.7% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 968,810 shares of the company’s stock valued at $9,272,000 after buying an additional 69,133 shares during the period. Finally, Boulder Hill Capital Management LP acquired a new position in Sleep Number during the fourth quarter valued at $758,000. Institutional investors and hedge funds own 85.67% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. StockNews.com cut Sleep Number from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Piper Sandler boosted their price objective on shares of Sleep Number from $12.00 to $16.00 and gave the company a “neutral” rating in a research report on Tuesday, September 17th.

Sleep Number Stock Down 8.7 %

Shares of SNBR opened at $17.36 on Monday. Sleep Number Co. has a 12 month low of $8.13 and a 12 month high of $25.29. The company’s fifty day moving average is $13.35 and its 200-day moving average is $13.38. The firm has a market cap of $387.58 million, a price-to-earnings ratio of -11.42 and a beta of 2.05.

Sleep Number (NASDAQ:SNBR) last posted its earnings results on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.22. The company had revenue of $408.40 million for the quarter, compared to the consensus estimate of $415.05 million. Sleep Number’s quarterly revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. As a group, research analysts predict that Sleep Number Co. will post -0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Stephen E. Macadam purchased 43,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $12.35 per share, for a total transaction of $531,050.00. Following the completion of the acquisition, the director now directly owns 102,729 shares in the company, valued at approximately $1,268,703.15. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate 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.