Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Sleep Number Co. (NASDAQ:SNBR)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Sleep Number Co. (NASDAQ:SNBR) by 9.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 77,188 shares of the company’s stock after selling 8,519 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.35% of Sleep Number worth $1,414,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SNBR. Quarry LP bought a new position in Sleep Number in the 2nd quarter worth $43,000. GAMMA Investing LLC raised its stake in 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 buying an additional 784 shares in the last quarter. XTX Topco Ltd purchased a new stake in Sleep Number in the second quarter worth about $128,000. State Board of Administration of Florida Retirement System purchased a new position in shares of Sleep Number during the 1st quarter worth approximately $149,000. Finally, Susquehanna Fundamental Investments LLC lifted its stake in shares of Sleep Number by 6.2% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock valued at $180,000 after purchasing an additional 1,100 shares during the period. Institutional investors own 85.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. StockNews.com upgraded shares of Sleep Number from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Piper Sandler decreased their target price on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st.

Sleep Number Price Performance

Shares of NASDAQ:SNBR opened at $13.97 on Wednesday. The business has a fifty day moving average price of $15.17 and a 200-day moving average price of $13.59. The company has a market capitalization of $312.52 million, a PE ratio of -7.72 and a beta of 2.08. Sleep Number Co. has a 1-year low of $8.13 and a 1-year high of $20.75.

Insider Buying and Selling at Sleep Number

In other Sleep Number news, major shareholder Stadium Capital Management Llc bought 59,011 shares of the business’s stock in a transaction on Thursday, October 31st. The shares were acquired at an average cost of $13.83 per share, for a total transaction of $816,122.13. Following the purchase, the insider now owns 1,920,000 shares in the company, valued at approximately $26,553,600. This trade represents a 3.17 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders bought 169,373 shares of company stock worth $2,305,052. 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.