Cubist Systematic Strategies LLC Raises Stock Position in Sleep Number Co. (NASDAQ:SNBR)

Cubist Systematic Strategies LLC lifted its stake in Sleep Number Co. (NASDAQ:SNBR) by 32.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 82,248 shares of the company’s stock after buying an additional 20,246 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Sleep Number were worth $787,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Campbell & CO Investment Adviser LLC bought a new stake in Sleep Number during the 4th quarter valued at approximately $611,000. CastleKnight Management LP bought a new stake in shares of Sleep Number during the fourth quarter valued at approximately $365,000. Invenomic Capital Management LP purchased a new stake in Sleep Number in the fourth quarter worth $221,000. Los Angeles Capital Management LLC bought a new position in Sleep Number in the first quarter worth $434,000. Finally, GAMMA Investing LLC lifted its position in Sleep Number by 250.6% during the first quarter. GAMMA Investing LLC now owns 4,235 shares of the company’s stock valued at $68,000 after buying an additional 3,027 shares during the period. Institutional investors own 85.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SNBR. StockNews.com lowered shares of Sleep Number from a “buy” rating to a “hold” rating in a research note on Friday, August 9th. Piper Sandler raised their target price on shares of Sleep Number from $12.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, September 17th.

Sleep Number Price Performance

Shares of NASDAQ:SNBR opened at $17.14 on Friday. The business has a fifty day moving average price of $14.64 and a 200-day moving average price of $13.51. The company has a market capitalization of $382.67 million, a PE ratio of -11.28 and a beta of 2.05. Sleep Number Co. has a 1-year low of $8.13 and a 1-year high of $22.36.

Sleep Number (NASDAQ:SNBR) last issued its earnings results on Wednesday, July 31st. The company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.22. The business had revenue of $408.40 million for the quarter, compared to analysts’ expectations of $415.05 million. During the same quarter in the prior year, the business posted $0.03 earnings per share. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. On average, sell-side analysts anticipate 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 bought 43,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average cost of $12.35 per share, for a total transaction of $531,050.00. Following the purchase, the director now owns 102,729 shares in the company, valued at $1,268,703.15. The acquisition was disclosed in a filing with the SEC, which is available through this link. 6.80% of the stock is owned by corporate insiders.

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.