Sleep Number (NASDAQ:SNBR) Raised to “Buy” at StockNews.com

Sleep Number (NASDAQ:SNBR) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Separately, Piper Sandler dropped their price objective 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 Stock Performance

SNBR opened at $14.97 on Thursday. The firm has a market cap of $334.89 million, a P/E ratio of -8.27 and a beta of 2.07. Sleep Number has a fifty-two week low of $8.13 and a fifty-two week high of $20.75. The firm has a 50-day moving average of $15.64 and a 200 day moving average of $14.21.

Insiders Place Their Bets

In other news, major shareholder Stadium Capital Management Llc bought 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were acquired at an average cost of $12.12 per share, for a total transaction of $181,800.00. Following the purchase, the insider now directly owns 2,215,000 shares of the company’s stock, valued at $26,845,800. This trade represents a 0.68 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased a total of 169,373 shares of company stock worth $2,305,052 over the last 90 days. Corporate insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quarry LP purchased a new stake in Sleep Number during the second quarter valued at about $43,000. GAMMA Investing LLC raised its holdings in shares of Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after buying an additional 784 shares in the last quarter. XTX Topco Ltd bought a new stake in Sleep Number in the 2nd quarter worth approximately $128,000. Susquehanna Fundamental Investments LLC boosted its stake in Sleep Number by 6.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after buying an additional 1,100 shares in the last quarter. Finally, Maverick Capital Ltd. grew its position in Sleep Number by 17.4% during the second 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 currently owned by 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.